HVCC Controversy Continues - Video from Fox News
The controversy over the Home Valuation Code of Conduct (HVCC) which applies to all Fannie Mae and Freddie Mac loans (which is basically all loans) continues to cause problems and fear among buyers, sellers & Realtors. Low priced appraisals due to the Appraisal Management Firms (AMC’s) cutting payments to appraisers has caused sloppy work and lost deals. This is not confined to the New York Metro area, but nationwide. NAR and the Appraisal Institute have made strides in getting the rules modified, and there is a push for a 18 month moratorium. The sooner this gets accomplished, and the time is taken to issue carefully considered rules to insure fair and objective appraisals, will help the market in it’s nascent recovery.
