HVCC rules, How have they affected you?
Well it’s been a few weeks since HVCC went into place. In order of importance to me would be any stories from affected homeowners, loan officers or appraisers who have complaints against the new system. It’s my humble opinion that this has been and will continue to be a complete disaster for the homeowner. We can get into why I think that later if anyone would like to know. Let’s hear what’s going on out there.
Thanks,
Brent Mendelson
Choice FInance
Senior Loan Officer
O-301-881-8900X123
June 3rd, 2009 at 2:12 pm
[...] rules STINK | hurts borrowers There’s a new sheriff in appraisal town and the name is HVCC. Home Valuation Code of [...]
May 19th, 2009 at 11:39 am
A few quick stories.
Disaster number one. A Baltimore appraiser came down to do an appraisal in Olney. They came in 100k under value. This is according to the underwriter on the loan. Not according to the loan officer but the neutral 3rd party underwriter. When he requested additional comps they argued with him and didn’t want to provide them. Frame of reference; the property is in Olney and they went to Gaithersburg and Derwood for comps. If you don’t know why this is stupid just stop reading now, there is no point.
One more thing, when you go to the appraisal companies website they don’t even list the county where the appraisal was performed as one of their service areas. Think about it. It’s no wonder they delivered a poor appraisal.
Story #2. I ordered an appraisal last Wednesday and as Friday afternoon not even a call. As of Tuesday still no appraisal. The appointment has finally been sent though. Under the old system I would have already had the appraisal back to me. These delays will cost borrowers alot more than $500 though. Wait until rates are rising and loans are delayed becuase of the cumbersome appraisal process. It’s bound to happen.
Of course we don’t know if the home will appraise to meet the lender guidelines. We don’t even really have a clue. Either way the client has already paid and then we will find out of they wasted their money or not. VERY customer unfriendly. I never get to see the appraisal so I don’t know if they did a good job or not. Hopefully they won’t be from 3-4 counties away with zero knowledge of the area like the above case.