Comments on: New Appraisal Rules Will Have An Impact

By: Further Guidance for Lenders on HVCC | The Chicago 77

Further Guidance for Lenders on HVCC | The Chicago 77 — Tue, 28 Jul 2009 21:22:57 +0000

[...] time will tell if the clarifications will help or hinder the purchase process. HVCC was put into place on May 30th, 2009. The ripple effect of the program started to become known in mid-June to early July. From an [...]

By: Chicago June Home Sales Up Substantially at 25.8% | The Chicago 77

Thu, 23 Jul 2009 15:16:35 +0000

[...] New rules will have an impact on the real estate market (January, 2009) Share and Enjoy: [...]

By: Appraisers Must Be Local or Disclose According to USPAP | The Chicago 77

Wed, 22 Jul 2009 13:17:23 +0000

[...] The main concern with HVCC is that appraisal management companies (AMC) are now set in place to order appraisals. Mortgage brokers are no longer allowed contact with the appraiser. The AMCs have raised the prices of the appraisals, but the appraiser makes less on every appraisal. Management companies also do not know the specific areas that the appraiser works in and knows well. An appraiser that lives and works in the suburbs should not be appraising property in the city?it’s nearly impossible for them to understand and know the market well enough to do a solid appraisal. The differences between an urban market and a suburban market are enormous. For example, suburbs do not often have high rises nor do they have building organizations like c0-op. And, needless to say, every neighborhood has its different nuances and boundaries. [...]

By: HVCC Causing Transaction and Economic Problems | The Chicago 77

HVCC Causing Transaction and Economic Problems | The Chicago 77 — Mon, 29 Jun 2009 13:53:52 +0000

[...] set up to adopt certain policies relating to appraisals for mortgages. Starting May 1st, 2009 the Home Valuation Code of Conduct (HVCC) came into effect for Fannie Mae and Freddie Mac purchased [...]

By: Mortgage Rates Up Slightly Toward the End of Last Week | The Chicago 77

Mon, 27 Apr 2009 16:36:56 +0000

[...] May 1, the new Home Valuation Code of Conduct (HVCC) goes into effect (click here for detailed article by certified appraiser, Katie Anderson). What the law states is that appraisals have to be ordered through a ?non-interested third [...]

By: Mortgage Rates Got Slightly Better on Tuesday | The Chicago 77

Mortgage Rates Got Slightly Better on Tuesday | The Chicago 77 — Wed, 08 Apr 2009 14:00:35 +0000

[...] allows homeowners who have FHA loans right now, and have good payment history, to refinance with no appraisal, and no verification of income. Some economic indicators show that the U.S. economy had stopped [...]

By: What Is Mortgage Insurance and What Does It Do for Me? | The Chicago 77

Wed, 11 Feb 2009 14:07:57 +0000

[...] insurance is typically required on mortgage loans where the amount borrowed is 80% or more of the appraised value. The other distinguishing characteristic of mortgage insurance is it can be [...]

By: Katie Anderson

Katie Anderson — Sat, 24 Jan 2009 17:33:43 +0000

I just read an amazing article on the National Association of Realtors site:

http://narblog1.realtor.org/mvtype/appraisalinsight/2009/01/countrywide_and_landsafe_sued.html?&WT.mc_id=LS012109&CAT=App

This article should be read by everyone in the Real Estate Industry! Again, we all only have ourselves to blame for the financial mess we are in.

By: Rod Holmes

Rod Holmes — Sun, 11 Jan 2009 04:39:42 +0000

I found this Tribune article interesting, especially the part about pricing. In the short-term it’s going to save people some money on an appraisal, but what it will do for quality is yet to be seen…

http://www.chicagotribune.com/classified/realestate/advice/chi-appraisers-harney_chomes_010jan09,0,423190.story?track=rss