Did you know that President Obama signed the bill eliminating HVCC?
Did you know that President Obama signed the bill eliminating HVCC? This past Friday on July 23rd he signed the Dodd-Frank Act, which was to reform the financial markets. A byproduct of this is the Home Valuation Code of Conduct (HVCC) is set to be eliminated in 90 days.
Let’s not all rejoice yet. The “appraisal independence standards” will be written by law makers in the next 60days. This newly created bill unlike HVCC will allow Fannie Mae and Freddie Mac to accept any appraisal report completed by a licensed appraiser selected or paid for by a mortgage loan originator.
We will have to see what the Federal Legislators will create for rules on appraisers and how much independence will they have.
I am wondering how much input the legislators will ask from the National Association of Realtors?
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com or visit one of my websites at https://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of My commission to Local Animal Rescue Organizations.
