Tag Archives: HVCC

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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Major FHA Loan Changes Coming in 2010

Written by: - October 1, 2009

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1 October 2009 ? The ever evolving lending world is changing yet again. As of January 1st, 2010 the Federal Housing Administration will be shifting responsibility of FHA insured loans off of the mortgage broker and solely on to the lender funding the loan. This was/is designed to spur on home sales and we all […]

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July Year-on-Year Sales Increase Is First in Three Years

Written by: - August 24, 2009

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July Year-on-Year Sales Increase Is First in Three Years

Chicago-area home sales are slightly up in July compared to July ’08, the first year-over-year increase in over 3 years, as reported by the Illinois Association of Realtors. The graph below more accurately shows the details. [TABLE=10] Price Disconnect Between Buyers & Sellers The stats are indicative of how the market is responding. August has […]

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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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Working to Suspend HVCC

Written by: - July 9, 2009

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9 July 2009 ? The National Association of Realtors is working to amend the new Home Valuation Code of Conduct (HVCC). A new bill, the HR. 3044, has been proposed by U.S. Reps. Travis Childers (D-Miss.) and Gary Miller (R-Calif.). They have teamed up to champion the bill that would put a moratorium on the […]

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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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New Appraisal Rules Will Have An Impact

Written by: - January 10, 2009

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New Appraisal Rules Will Have An Impact

How does the new Home Valuation Code of Conduct (HVCC) recently adopted by Freddie Mac and Fannie Mae affect the appraiser and the consumer? Just as there are many layers to an onion, there are many ways to look at the financial mess this country is in. Some blame the banks, some blame the mortgage […]

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