San Jose Real Estate * REALTOR ® * Richard Gonzalez

HVCC guidelines backfires on buyers during the appraisial process causing unnessisary apprasial costs. As a result the California Association of REALTORS has been lobbying for a Moratorium to address this issue. Its already bad enough as it is working through underwriting delays in the pipeline and now HVCC appears to be affecting a buyers ability to perform in some cases leading to unnessisary fees from lenders.I agree that we need to protect the consumer but this may be overkill.

I am attaching a FAQ published by Fannie Mae Download Document

C.A.R.  Supports  HR 3044
“California Congressman Gary Miller has introduced H.R. 3044, which would place an 18-month moratorium on the recently imposed Home Valuation Code of Conduct (HVCC). The HVCC was worked out through an agreement between Fannie Mae, Freddie Mac, and the New York Attorney General’s Office (NYAG) in response to an investigation by the NYAG into Fannie and Freddie.

The purpose of the HVCC was to try and insulate the appraisal process from undue influences. The HVCC attempted to do this by placing tight controls and restrictions on the ordering of the appraiser, as well as purposes for communicating with the appraiser during the process.  However, the implementation of the HVCC, which came about by neither regulation nor Congressional statute, has resulted in appraisals that cost more, take longer to perform, and are inaccurate.  C.A.R. has heard from members throughout the state of similar difficulties with the HVCC and its negative impact on the California real estate transaction. C.A.R. is supporting H.R. 3044, and is asking California’s Congressional Delegation to sign onto the bill as a cosponsor.”