Jeremiah Wean wrote a fantastic post on HVCC Appraisals yesterday morning.
It was featured and well deserved. I am reblogging it because it only has 17 comments but this is a critical call to action.
Don't comment here, please go comment on Jeremiahs post.
But, more importantly take action on this issue. We are a real estate community, this issue is affecting ALL of us.
Jeremiah gave us easy links to contact Fannie, Freddie, our Congressman and the Attorney General.
Come on guys lets show them the power of Activerain. ~Missy~
The National Association of Mortgage Brokers recently sent out a call to action in attempt to get the industries voice heard. I want to make the mortgage brokers that are not in the association know, as well as appraisers, Real Estate Brokers, Consumers, and Title Agents know what they can do to have help the situation.
NAMB has set up a HVCC Resource Center, which can be found at: NAMB HVCC Resource Center
NAMB also wants to receive emails detailing specific issues that have been created by HVCC (delays in closings, cost to consumer, lost rate lock, etc.). This information can be sent to NAMB at the specific email address: hvcc@namb.org
If you believe HVCC has caused issues in your business then please let let your voice be heard. Whom to contact from NAMB release:
" Who will you be contacting?
NY Attorney General Andrew Cuomo's Office: (212) 416-8000, Internet Complaint
Federal Housing Finance Agency (FHFA): (866) 796-5595, director@fhfa.gov
Fannie Mae: (202) 752-7000, headquarters@fanniemae.com
Freddie Mac: (703) 903-2000, Internet Complaint
Senators, Representatives and Governors: Click here for contact information. "
The problems I've seen so far:
- Each lender is requiring their own Vendor Management company
- It is taking 2 - 3 times longer to get an appraisal
- After the appraisal is ordered through one lenders "preferred" Appraisal Management Company, you cannot take the appraisal to another lender.
- Quality appraisers with years of experience and industry knowledge are leaving, because these unregulated Appraisal Management Companies are taking 20 - 30% of the appraisal fee.
Articles Illustrating the Effects of the HVCC from NAMB email
A. The Appraisal Bubble - The Center for Public Integrity
B. The Cure is Worse than the Disease - Appraisal Press
C. Appraisals Roil Real Estate Deals - The Wall Street Journal
Don't forget to sign the petition for a Reconsideration of HVCC
Rhonda Porter at "The Mortgage Porter" wrote an excellent post on "HVCC: Why Should YOU Care?" Go check it out.
Thanks Missy for bringing this forward - something I wasn't aware of ... but sounds like something we need to look into further.
I posted on this last week and got the perverbial gold star. I'm having an Action Rain, er Active Rain meeting with a lot of my home boys later today. This is more expensive for the consumer and is creating just hell for service. This needs to be repealed.