hvcc: Appraisal Myths and Misconceptions - 01/22/13 08:46 AM
“Appraisal Myths and Misconceptions”
Let me first say, that I have a number of friends that are appraisers. Let me also say that I have been very critical of HVCC and Dodd-Frank, which governs the appraisal process through appraisal management companies, which for me goes against the free enterprise system and put some very good appraisers out of business.
Appraisals that are done are not an exact science. Let me share an example and why the system doesn’t work in the best interest of the consumer. All these rules are put in place to protect the consumer from themselves.
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hvcc: The Government is NOT Responsible for Fixing Housing - 12/24/12 07:56 PM
“The Government is NOT Responsible for Fixing Housing”
That job belongs to us! We have already seen the great job the government has done, when they get involved in any business, the results have been poor at best.
Look at what the involvement in recent years, HVCC, which has since been rolled into Dodd-Frank. The result of HVCC, did more harm to real estate values than any recession could, plus the increased cost of an appraisal. Dodd-Frank has created mortgage restrictions has increased the time it takes to get a mortgage closed, beyond belief and put excellent borrowers through the proverbial mill.
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hvcc: LOVE GETTING TIPS TO OVERCOME APPRAISAL HURTLES - 07/06/12 07:31 AM
“Love Getting Tips to Overcome Appraisal Hurtles”
I want to share a recent appraisal experience that was extremely frustrating.
A Realtor referred a client, pretty simple transaction. Sale price was $335,000, borrowers were putting 20% down, plenty of income. Like I said pretty simple, until we got to the appraisal. The appraisal came in at 324,000. The process today is that a copy of the appraisal gets sent by the appraisal company to the client and to us. The client was not a happy camper and talked about backing out.
We sent copies to the two Realtors and requested they review … (8 comments)

hvcc: INTERVIEWED BY WASHINGTON POST COLUMNIST - 06/22/12 05:42 AM
“Interviewed by Washington Post Columnist”
We spent 45 minutes talking about appraisal issues in this country. Ken indicated that he had read some of my blogs on this topic. I have written on this topic many times and I have been extremely critical of the appraisal process, since HVCC came into existence and now Dodd-Frank.
The present appraisal process, which was created and sold to the public as being in the "best interest of the consumer". I don’t know too many consumers that feel the present system is in their best interest. Each consumer now pays more for every appraisal and … (8 comments)

hvcc: DODD-FRANK APPRAISAL RULES COMING - 06/12/12 05:56 AM
“Dodd-Frank Appraisal Rules Coming”
I have been beating the drums for a long time about the need to repeal Dodd-Frank. It is one of the most business intrusive pieces of legislation ever created in this country. Maybe pieces of legislation are correct, it is volumes of rules and regulation that affect all businesses.
The appraisal industry has no business being part of Dodd-Frank. Between HVCC, the AMC system and Dodd-Frank, appraisers have lost their independence. The really is no free enterprise system in the appraisal world today.
Let me know what you think?
Don't Forget, Dodd-Frank Appraisal Rules Are Coming
By: … (3 comments)

hvcc: BIDDING WARS CREATE APPRAISAL PROBLEMS - 05/03/12 05:43 AM
“Bidding Wars Create Appraisal Problems”
I have seen this part of the real estate cycle many times, but it is worse this time around. With all appraisals now going through appraisal management companies, I am seeing some pretty poor appraisal work.
Comparables that are being used are often older and lower in price than the new property for sale. Appraisals aren’t catching up the new values, let alone a property that was involved with a bidding war.
Last week, three appraisals came in lower than the sales price. One in Hampton Beach, NH, the agreed upon price was $259,500, the … (4 comments)

hvcc: CONFUSION ABOUT APPRAISAL FEES? - 04/23/12 10:44 AM
“Confusion About Appraisal Fees?”

All of this confusion started, when our government got it’s finger in the appraisal business. This is a result of our government intention to regulate every facet of our lives.
HVCC was first created, as a result of a couple of bad apples in the industry. If you recall, it was Countrywide and Washington Mutual owning their own appraisal companies and literally doing their own appraisal, which was certainly self- serving.
Well, this was correctly stopped, but that wasn’t good enough, our government decided that all banks, mortgage companies and appraisers were crooks and they … (3 comments)

hvcc: FOR GOOD REASON, HVCC IS BAD FOR HOMEOWNERS - 04/18/12 09:26 AM
“For Good Reason, HVCC is BAD for Homeowners”
As many of you know, I have written many times about how bad HVCC is for homeownership. When they understand the issue, I have not spoken to any homeowner who feels HVCC was a good idea. I have never spoken to a Realtor or mortgage person that says HVCC was a good idea. Unfortunately , this misguided legislation has harmed many homeowners, whom of which was supposed to be protected.
HVCC have put many independent appraisers out of business. Many appraisers that I have spoken to about HVCC hate it. Some appraisers have told … (3 comments)

hvcc: WITH ALL DUE RESPECT TO THE AUTHOR - 04/04/12 06:36 AM
“With All Due Respect to the Author”
There are, three things that will have the greatest effect on real estate values going forward.
First and foremost, the current administration has to be out of office, so that we can begin our recovery. The public, no matter what party they are affiliated with or independents, have little or no faith in the current policies that stymie business growth. Obamacare, Dodd-Frank, HVCC and budget deficits are choking all of us. The list of failed policies is endless!
Second, JOBS, JOBS, JOBS! It’s all about the numbers, that is the real numbers. That is the … (3 comments)

hvcc: APPRAISAL PROCESS CHANGED, DODD-FRANK STRIKES AGAIN - 03/19/12 09:47 AM
“Appraisal Process Changed, Dodd-Frank Strikes Again”
I have done business with this bank for many years, even after HVCC came into place. We did mortgages with them in the 8 states that we are licensed. We had always ordered appraisal from appraisers that we knew and trusted. Appraisers that knew each market area, however no more.
This bank has never has a loss on any loan that they did with Right Trac Financial Group, Inc. This is a perfect example of government that doesn’t work. What is supposed to help consumers, now ends up costing each person more money for the … (3 comments)

hvcc: APPRAISAL MANAGEMENT COMPANIES CALLED OUT - 02/23/12 06:18 AM
“Appraisal Management Companies Called Out”
Not much good that has come out of HVCC. This is a bill that should be repealed. I have heard all the arguments as to why, this is a good bill and is a benefit to the public. The negative result is a higher price for the cost of each appraisal.
I originate a lot of mortgages, there are constantly appraisal issues. When there are issues, it is pathetic, that I have to tell my client, that I can’t speak to the appraiser. At which point, I have an upset borrower, probably one or two upset Realtors and I can’t speak to … (5 comments)

hvcc: MBA PRESIDENT SAYS RULES AND DEBT ARE HURTING THE ECONOMY - 02/09/12 09:06 AM
“MBA President Says Rules and Debt are Hurting the Economy”
Anyone in the mortgage or real estate business knows this already, but what steps are being done to repeal Dodd-Frank, Obamacare and HVCC? Nothing anytime soon. We will have to wait until a newly elected President is sworn in.
Sure, we are hearing about a drop in the employment numbers, that is the manipulated 8.3% unemployment rate. Article after article is saying that the numbers don’t add up.
Stevens Says DC Rules Hurting Economy
By: Lew Sichelman
Washington's inability to come to grips with the nation's debt issues and other economic woes … (3 comments)

hvcc: APPRAISAL GROUP UPSET, REALLY??? - 01/20/12 08:37 AM
“Appraisal Group Upset, Really?”
 
I hate to tell you, but you are sleeping in the bed you have made for yourself. As a group, explain to the AR community how so many Realtors and Mortgage brokers are saying the same thing? Are they all wrong? Not likely.
 
I’ll share an example. I did a mortgage for a client in South Kingston RI. The purchase price was $230,000. As luck would have it, the appraisal came in at $230,000. All is good.
 
Two weeks later, another client of mine, wants to refinance his home, also in South Kingston, two … (5 comments)

hvcc: NAR PARTNERING WITH APPRAISERS? - 12/29/11 09:28 AM
“NAR Partnering with Appraisers?”
I’m sorry, but I don’t get this article by NAR. I have spoken to many Realtors. I have not heard many say anything good about appraisers, with the present HVCC structure. They continue to tell, as I continue to see in my own practice, appraisals are one of the biggest complaints that they face today.
Thanks to HVCC, appraisers continue to hurt real estate values. Yes, I continue to read, the value is the value, however Realtors continue to say the quality of the appraisal work today is subpar, at best. Can you really blame the actual … (5 comments)

hvcc: ECONOMIC UNCERTAINTY FOR 2012 - 12/22/11 08:57 AM
“Economic Uncertainty for 2012”   The article below has numerous quotes from Fannie Mae’s chief economist. With our country dealing with Obamacare, Dodd-Frank, HVCC, politicians looking to increase costs for FHA, increase fees for Fannie Mae and Freddie Mac, unemployment rates above 8% (which is really more than double that), they see uncertainty for 2012? Are you kidding me??   Fannie Mae: Economy Ends Year on Sounder Note, With 2012 Uncertain By: Ryan Schuette The economy will have something to celebrate in the New Year as the fourth quarter closes, according to Fannie Mae, which said Tuesday that economic growth, upward-bound … (3 comments)

hvcc: REAL ESTATE VALUES BEING HURT IN MANCHESTER, CT AND AROUND THE COUNTRY - 12/06/11 09:54 AM
“Real Estate Values Being Hurt in Manchester, CT and Around the Country”
 
One of the biggest white collar crimes today, is how HVCC (Home Valuation Code of Conduct), has affected real estate values, throughout the US. Here is an example of what I am talking about. Most everyone in the mortgage and real estate community understands only to well.
 
I did a mortgage for a client buying a home in Manchester, CT. Pretty simple transaction, the purchase price was $230,000 and miraculously the appraisal also came out to $230,000, funny how this happens. The transaction closed, like I said pretty … (2 comments)

hvcc: DO YOU THINK HOUSING MUST BE A NATIONAL PRIORITY? - 11/17/11 09:31 AM
“Do You Think Housing Must Be a National Priority?”
Has there ever been a time in recent history that HOUSING wasn’t a National priority? Look, the way housing goes, so goes our country. Every Realtor, mortgage professional and all related business understand how housing is a National priority.
Each of us understand that we need to do our part, with every existing homeowner and those that want to be homeowners.
I got a thank you from a client I did a mortgage for, last month. She thanked me for getting her a mortgage, when two of the local banks said … (2 comments)

hvcc: BREAKING NEWS, MORE MORTGAGE TURN-DOWNS' - 11/16/11 08:46 AM
“Breaking News, More Mortgage Turn-Downs’
 
For everyone in the mortgage or real estate business today, there are financing challenges. I like to say the lenders and underwriters don’t discriminate. I don’t care if the borrowers have good credit or not so much, I don’t care if the borrowers make a lot of money or not so much. Each and every mortgage has its challenges. All of the additional guidelines have created so much unnecessary chaos and slowed the process so dramatically and for NO REASON!
 
I have a lot of frustration with the appraisal process, it is crazy. Here … (9 comments)

hvcc: MORTGAGE FRAUD A GREAT TRAGEDY, THE REACTION EVEN WORSE - 10/15/11 08:56 AM
“Mortgage Fraud a Great Tragedy, the Reaction Even Worse” Being in the mortgage business, I read many stories about mortgage fraud. I must really have been naïve, that so much of this stuff was going on. Having been in this industry for over 30 years, you figure you have seen or heard it all, but am always amazed. The real tragedy today is, we have gone to far to the other extreme. There are home buyers that are getting turned down for mortgages that would be great homeowners. More homeowners able to buy a home would take homes off the market, … (5 comments)

hvcc: HOW HVCC HAS HURT REAL ESTATE IN AMERICA - 10/14/11 09:11 AM
“How HVCC Has Hurt Real Estate in America”
 
The video below Frank Garay and Brian Stevens is telling it like it is. HVCC has been a total failure and doing more harm to the public, which was put on the books to protect the consumer. Any of us in the real estate and mortgage industry can attest, it continues to harm the consumer.
 
What is unfortunate, when this bill came to the Washington, the National Association of Mortgage Brokers filed suit to stop this action, but didn’t have the horsepower to do the job. What still never ceases to … (4 comments)