HVCC is Up and Running. How’s it Going?

May 16, 2009

: Image by enignot via Flickr

Well, the Home Valuation Code of Conduct (HVCC)–the brain-child of New York Attorny General Andrew Cuomo–is fully underway in the mortgage and real estate market.

I thought this would be a great time to survey (Google-style) loan officers and real estate brokers.

Here are a few of the most interesting:

Brian Brady’s first HVCC customer under the new Code of Conduct got saddled with a $1392.50 appraisal fee. Consumer protection at it’s finest! Send your thank-you letters to Attorney General Cuomo, Fannie Mae, and Freddie Mac.
Rhonda Porter explains HVCC to a Real Estate agent, “No I don’t know who the appraiser is, or when it might be done.” Consumer–keep your schedule open we could be closing any week now, or not.
Even the Title/Appraisal Vendor industry is having second thoughts about HVCC and its real impacts.
Housingwire.com reminds lenders that despite your best efforts you still may not be HVCC compliant.
However, some technology vendors and appraisers see opportunity in HVCC.

Updates from Loan Officers, Real Estate Brokers, and Appraisers

If you have already blogged you experience with HVCC–DM me on Twitter with the link and I will add it here ASAP.

How Will the Home Valuation Code of Conduct (HVCC) Impact Las Vegas FHA Loans? (FHA Mortgage)
HVCC: Eyes Wide Shut (Arizona Mortgage)
Will HVCC create appraisal nightmares in the future? (Phoenix Real Estate)

Community What is REALLY going on with HVCC?

I would love to collect feet on the street feedback on the operational reality of HVCC–loan officers, appraisers, real estate brokers, home buyers, homeowners.

Please add your perspectives as a comment.