If you thought the storm had passed and we were going to see smoother sailing in the Mortgage and Real Estate markets, think again. Just when you thought it was safe, along comes HVCC – the Home Value Code of Conduct.
Brought to you by Andrew Cuomo, NY AG, in an attempt to stabilze the home market and eliminate inflated home values it is absolutely guaranteed to keep the real estate component of the recovery on its knees.
How can one program do this? Tantamount to what HMO’s did to the medical industry, HVCC will do to the Real Estate industry. Although the intent was good, the program leaves much to be desired. The goal – eliminate undo influence on the Appraiser to “hit a number” – this program severs any ties between Originator/loan production groups and the Appraiser. Sounds good until you look under the cover – increased “administratum”, increased costs, increased delivery time, lack of ability to work with a provider of choice, reduced income for the selected provider, and potentially less quality in the deliverable. Sounds like an HMO right?
Attached is a fine article written by Kenneth Harney describing what I’m calling “the nightmare” – two minutes of worthwhile reading.
Don’t like it? Call your congressmen/women.
Call us, Todd Abelson & Tyler Ford and Sunstreet Mortgage for all your Arizona Mortgage Needs!
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