{"id":8473,"date":"2009-05-18T17:41:00","date_gmt":"2009-05-19T00:41:00","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=8473"},"modified":"2009-05-15T21:28:20","modified_gmt":"2009-05-16T04:28:20","slug":"whats-the-hvcc-and-what-does-it-mean-to-loan-officers-realtors-and-consumers","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8473\/whats-the-hvcc-and-what-does-it-mean-to-loan-officers-realtors-and-consumers\/","title":{"rendered":"What&#8217;s the HVCC and what does it mean to Loan Officers, Realtors and Consumers?"},"content":{"rendered":"<p>Okay, first, I have a confession to make.&nbsp;&nbsp; The bank that I work for chose to be proactive and we began implementing the Home Valuation Code of Conduct on mortgage applications taken on or after January 12.&nbsp;&nbsp; Why did we do it so early?&nbsp;&nbsp; I&#8217;m not going to attempt to read the minds of the corporate people on that one.<\/p>\n<p>I am going to share what I&#8217;ve learned about the Home Valuation Code of Conduct and what it means for lenders, Realtors and consumers.&nbsp;&nbsp; Please remember this is not a formal analysis of the rules of the HVCC, this is strictly my personal experience of what it means:<\/p>\n<p><b>The Five Most Important Things About the Home Valuation Code of Conduct:<br \/><\/b>1.<b> For consumers &#8211; it means that the cost of an appraisal has gone up<\/b>.&nbsp;&nbsp; 6 months ago, a standard appraisal in my area would cost between $275 and $300.&nbsp;&nbsp; Now, that same appraisal is going to run $375.&nbsp; What does the consumer get for his additional $75?&nbsp; Basically, he gets one thing.&nbsp;&nbsp; He gets a bit more comfort that the appraiser isn&#8217;t necessarily a friend of the Realtor or the lender and he doesn&#8217;t need to be as concerned that the appraiser is being pressured by someone to &#8220;meet a number&#8221; so the deal gets done.<\/p>\n<p>2. <b>For Realtors &#8211; it means that they can&#8217;t rely on &#8220;a friend&#8221; to get the deal done.<\/b>&nbsp;&nbsp; The days of working with the local appraiser who knows pretty much the entire market are over.&nbsp;&nbsp; Now they have no impact on who does the appraisal.&nbsp; So what does that mean?&nbsp; It means that they are probably going to be getting some appraisers who don&#8217;t know the market as well.&nbsp;&nbsp; What does that mean?&nbsp; It means the Realtor has to not only know the market, they have to have the data available and be able to pass that information quickly and easily to the appraiser.&nbsp;&nbsp; I don&#8217;t believe that it would violate any rules if the Realtor were to look up what they feel are the 6 best comparables, print the information and have it waiting at the house <a href=\"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8473\/whats-the-hvcc-and-what-does-it-mean-to-loan-officers-realtors-and-consumers\/#more-8473\" class=\"more-link\">Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Okay, first, I have a confession to make.&nbsp;&nbsp; The bank that I work for chose to be proactive and we began implementing the Home Valuation Code of Conduct on mortgage applications taken on or after January 12.&nbsp;&nbsp; Why did we do it so early?&nbsp;&nbsp; I&#8217;m not going to attempt to read the minds of the [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62,29],"tags":[356],"class_list":{"0":"post-8473","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-dirty-laundry","7":"category-group-therapy","8":"tag-home-valuation-code-of-conduct","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":8458,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8458\/the-139250-appraisal-fee-or-how-the-home-valuation-code-of-conduct-rewards-inefficiency-at-the-expense-of-the-consumer\/","url_meta":{"origin":8473,"position":0},"title":"The $1392.50 Appraisal Fee or How the Home Valuation Code of Conduct Rewards Inefficiency At the Expense of the Consumer","author":"Brian Brady","date":"May 15, 2009","format":false,"excerpt":"Have you heard of the Home Valuation Code of Conduct?\u00a0 New York Attorney General Cuomo forced Fannie Mae and Freddie Mac to adopt the measure, in what can only be described as a Machiavellian scheme.\u00a0 Essentially, mortgage brokers are forbidden from direct contact with residential appraisers; all appraisals for agency\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1324,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1324\/zillow-notes-fear-and-ludditism-advertsing-a-better-farming-strategy-and-more\/","url_meta":{"origin":8473,"position":1},"title":"Zillow.com notes: Fear and Ludditism, advertising, a better farming strategy and more","author":"Greg Swann","date":"April 20, 2007","format":false,"excerpt":"Zillow notes: Jay Thompson, The Phoenix Real Estate Guy asks \"Why do so many agents fear Zillow?\" He makes the same point in a BusinessWeek article on the Seattle-based Realty.bot. Brian Brady, America's Most Opinionated Mortgage Broker and a BloodhoundBlog contributor, covers some of the same ground: \"Is your Realtor\u2026","rel":"","context":"In &quot;Blogging&quot;","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1329,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1329\/arizona-republic-realtors-side-with-zillowcom\/","url_meta":{"origin":8473,"position":2},"title":"Arizona Republic: Realtors side with Zillow.com","author":"Greg Swann","date":"April 21, 2007","format":false,"excerpt":"The Phoenix RE.net is heard from in a big way in an article that will appear in Sunday's Arizona Republic about the State of Arizona's attempts to stifle Zillow.com. Writes reporter Peter Corbett:A state agency's efforts to stop Zillow.com from offering property-value estimates in Arizona are drawing criticism from some\u2026","rel":"","context":"In &quot;Blogging&quot;","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18696,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/18696\/lenders-can-help-realtors-get-offers-accepted-in-a-competitive-market\/","url_meta":{"origin":8473,"position":3},"title":"Lenders can help Realtors get offers accepted in a competitive market","author":"Brian Brady","date":"April 14, 2022","format":false,"excerpt":"Most buyers find themselves in a multiple offer situation in today's market.\u00a0 While the highest price often wins the home, other factors come into play--some buyers are waiving appraisal, loan, and even inspection contingencies.\u00a0 Selling agents who want to protect their buyers, while affording them an \"edge\" against competing offers,\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":635,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/635\/avid-avm-aversion-extends-only-to-zillowcom-ncrc-off-shoot-starts-competing-on-line-valuation-service\/","url_meta":{"origin":8473,"position":4},"title":"Avid AVM aversion extends only to Zillow.com: NCRC off-shoot starts competing on-line valuation service . . .","author":"Greg Swann","date":"November 13, 2006","format":false,"excerpt":"Curiouser and curiouser. Could it be that NCRC's motive is not to shake-down Zillow.com but to sully its reputation, in advance of going into competition against it? From InmanNews (fingered by Jim Duncan of Real Central VA):Zillow officials say their valuations should also be seen as a starting point for\u2026","rel":"","context":"In &quot;Blogging&quot;","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1344,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1344\/amended-arizona-appraisal-bill-fails-to-pass\/","url_meta":{"origin":8473,"position":5},"title":"Arizona appraisal bill, amended to permit AVMs such as Zillow.com to operate in state, fails to pass","author":"Greg Swann","date":"April 25, 2007","format":false,"excerpt":"Arizona SB 1291 failed to pass Tuesday afternoon in the Arizona House. The bill would have required a two-thirds majority and passed by less than that. I'll post further when I know more. Further notice: Here's what it all means: To have passed, the bill would have had to have\u2026","rel":"","context":"In &quot;Disintermediation&quot;","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=8473"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8473\/revisions"}],"predecessor-version":[{"id":8474,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/8473\/revisions\/8474"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=8473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=8473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=8473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}