As I understand it, the Home Valuation Code of Conduct (HVCC) was passed to erect a barrier between Loan originators having undue influence on appraisers. Basically the Government is saying that Mortgage Brokers are twisting appraisers arm to inflate values so they enacted this law. As I sit and try to understand this new law here are my initial thoughts:
Lenders have whats called in house "Appraisal Review". These departments basically analyze comparable sales to verify that appraisers aren't doing things like excluding better comparables.
Why are some of the biggest lenders in the country allowed to run their own appraisal management companies?
Why is there no oversight of Appraisal Management companies, no licensing required.
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click here if you are looking for info on the 2009-2010 tax credit extension that passed in November 2009?
The recently approved American Recovery and Reinvestment Act of 2009, combined with favorable resale prices and interest rates, offers home buying bargain hunters a once in a lifetime purchasing opportunity. The measure has features designed to stimulate the economy and spur home sales with the hope that this will trigger a ripple effect throughout the overall economy. Features include:
An $8,000 tax credit - up from $7,500 - available to first-time home buyers for purchase of principal residence after January 1 and before December 1 2009.
The credit applies only to homes purchased during 2009.
