Petition Presented to Cumo to Rescind HVCC!
As a mortgage broker, I have worked with numerous appraisers over the years and, like any other industry, while a few may not be as diligent as you’d like, most are good, honest and hardworking individuals committed to providing good service to their customers. The HVCC implemented earlier this year has cost consumers millions in extra fees and, many times, the ability to achieve their home financing goals. What was supposed to protect the consumer has only created more bureaucracy and higher fees.
In addition, since HVCC regulations often prevent the appraiser from being able to use common sense and knowledge of a market, values of properties all across the country have been further depressed. For a great overview of the issues surrounding the HVCC regulations, see Reuters article “Petition to Rescind HVCC Strikes Hot Button with Real Estate Industry and Consumers”. The petition was presented to New York’s attorney general, Andrew Cumo, this past Wednesday with approximately 120,000 signatures. It’s time for legislators to realize they need to really look at the problems and issues we are facing as a nation and seek appropriate solutions rather than passing ‘off the cuff’ legislation that does nothing to address the problem or protect consumer but merely creates more bureacracy.