Las Vegas real estate, mortgage, appraisal blog

Since the announcement that the comment period for HVCC has been shortened from 90 to 45 days many appraisers and lenders are concerned. Blogs, appraisal groups and forums are being filled with complaints, concerns and sometimes simple confusion. An article on Appraisal Scoop gave some ideas and advice on how to address these to the appropriate people. The first part is that it's important to remember to take the time to read the Home Valuation Code of Conduct (HVCC) for yourself.

The goal is two-fold:

• Address the issues and concerns from appraisers and lenders regarding the HVCC and;
• Provide a framework that will give the OFHEO ways to implement the HVCC with minimal impact to their existing business and clients.

This is not the time to criticize the HVCC; this is the time to make it effective and to do so we must have a shared vision of the future. We must consider the business needs of all associated with the appraisal process and work together to formulate practical solutions that will transition the process from where we are today, to where we need to be to meet the spirit of the HVCC, with limited disruption of the lending process. 

Given the time constraints and vested interests within the current system, this is a tall order. That is not to say that it cannot be accomplished, only to point out the obvious. So what are the next steps? Forums and groups are a logical place to begin. Take a leadership role and get the membership started in the feedback and comment process.

The focus should be on the principles outlined in the HVCC, suggested procedures to make them effective and ideas on how to implement those procedures in ways that will minimize disruption of current FNMA and FHLMC business practices.

As the 45 day comment period comes looms closer it will be interesting to see any changes and reevaluations become necessary.