Here an update on the POS Appraisal situation that’s been driving everybody crazy. Hang in there – somebody is listening and relief may be in sight.
HR 3044 TO PLACE 18-MONTH MORATORIUM ON HVCC
California Congressman Gary Miller has introduced H.R. 3044, which would place an 18-month moratorium on the recently imposed Home Valuation Code of Conduct (HVCC). The HVCC was worked out through an agreement between Fannie Mae, Freddie Mac and the New York Attorney General’s Office (NYAG) in response to an investigation by the NYAG into Fannie and Freddie.
The purpose of the HVCC was to try and insolate the appraisal process from undue influences. The HVCC attempted to do this by placing tight controls and restrictions on the ordering of the appraiser, as well as purposes for communicating with the appraiser during the process. However, the implementation of the HVCC, which came about by neither regulation nor Congressional statute, has resulted in appraisals that cost more, take longer to perform, and are inaccurate. C.A.R. has heard from members throughout the state of similar difficulties with the HVCC and its negative impact on the California real estate transaction. C.A.R. is supporting H.R. 3044, and is asking California’s Congressional Delegation to sign onto the bill as a cosponsor.