Tag Archives: Appraisal

Update: House to Vote on HVCC Changes

Written by: - October 26, 2009

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Update: House to Vote on HVCC Changes

Step one in the process to amending HVCC has been passed and approved. The president of the National Association of Mortgage Broker’s, Jim Pair, announced today that the first step in amending the Home Valuation Code of Conduct was passed with the House Financial Services Committee.

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HVCC Regulations Are Changing Your Property Values

Written by: - October 15, 2009

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HVCC Regulations Are Changing Your Property Values

The HVCC program and its regulations are lengthening underwriting times, increasing costs to the buyer and seller, and lowering property values.

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H.R. 3044 Aims to Halt HVCC?Your Support Is Needed

Written by: - August 21, 2009

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H.R. 3044 Aims to Halt HVCC?Your Support Is Needed

A new bill has recently been proposed entitled H. R. 3044 that will put an 18-month moratorium on Home Valuation Code of Conduct (HVCC). This new bill falls under HERA, or otherwise known as Housing Economic Recovery Act. Within HERA is the HVCC. The HVCC has been the center of discussion in the real estate […]

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Further Guidance for Lenders on HVCC

Written by: - July 28, 2009

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Further Guidance for Lenders on HVCC

The Federal Fair Housing Agency, Fannie Mae and Freddie Mac have issued a new guidance to all lenders clarifying two points. They are: Lenders should use appraisers who have clear experience in the geographic area. The Uniform Standards of Professional Appraisal Practice (USPAP) requires that an appraiser be competent and knowledgeable of the local market […]

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Freddie Mac and Fannie Mae Issue Clarifications to HVCC

Written by: - July 24, 2009

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24 July 2009 ? As a result of the efforts of Charles McMillan, the 2009 President of National Association of Realtors (NAR) and its members, Freddie Mac and Fannie Mae this week issued new guidance to all lenders on the Home Valuation Code of Conduct (HVCC). The letter issued on July 22, 2009 by the […]

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Appraisers Must Be Local or Disclose According to USPAP

Written by: - July 17, 2009

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Appraisers Must Be Local or Disclose According to USPAP

After writing an article about the HVCC program and how it is affecting the home buying process I received an e-mail from an appraiser from California. She asked me to get the word out about the Uniform Standards of Professional Appraisal Practice (USPAP). There are certain guidelines an appraiser must follow while completing an appraisal […]

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HVCC Causing Transaction and Economic Problems

Written by: - June 29, 2009

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HVCC Causing Transaction and Economic Problems

In March 2008, Fannie Mae entered into an agreement with The Federal Housing Finance Agency (FHFA). This agreement was 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 loans. HVCC Means Only […]

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Mortgage Rates Up Slightly Toward the End of Last Week

Written by: - April 27, 2009

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27 April 2009 – Mortgage rates were up slightly toward the end of last week. Some economists are saying we are seeing the end of the housing slump now. Effective 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 […]

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Distressed Sales vs. “Traditional” Sales Numbers

Written by: - April 20, 2009

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Distressed Sales vs. “Traditional” Sales Numbers

On April 1 the Chicago Association of RealtorsĀ® (CAR) released some data that I thought was interesting in this time of dropping property values. However, I didn’t see these numbers discussed anywhere other than their web site. I think these numbers deserve a second look and hopefully some comments from our readers. The goal of […]

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Mortgage Rates Got Slightly Better on Tuesday

Written by: - April 8, 2009

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8 April 2009 ? On Tuesday this week, rates got slightly better. Did you know? If you have an FHA mortgage right now, you can likely refinance to a lower rate even if you don?t have any equity, or are upside down. A ?streamline? refinance allows homeowners who have FHA loans right now, and have […]

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11 Tax Tips for Homeowners and Buyers

Written by: - March 16, 2009

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11 Tax Tips for Homeowners and Buyers

Tax season is looming and homeowners everywhere should know the opportunities available to them for tax breaks and incentives. This info is also valuable for potential home buyers so they are aware of what expenses are deductible and the ins and outs of new tax laws, since there are so many nowadays!Ā  Thanks President Obama! […]

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How to Price a Home in Chicago’s Depreciating Market

Written by: - January 23, 2009

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How to Price a Home in Chicago’s Depreciating Market

So, how do you Ms/Mr Agent know how much to recommend lowering the price? How do you, Ms/Mr Seller know if the reduction is warranted? How do you know it’s the right amount of reduction? Do you guess? Do you feel your way along? Instinct is important to an agent, but the appraiser side of me also forces me to present […]

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Zillow-Like Features Come to Chicago’s MLS

Written by: - January 13, 2009

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Zillow-Like Features Come to Chicago’s MLS

Yesterday Midwest Real Estate Data LLC (MRED) announced, in conjunction with Realist.com, that it had rolled out a new product today entitled Realist ValueMap (RVM). It’s a automated valuation model (AVM) which is very similar to Zillow’s Zestimates.

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