Proposed HVCC Will Harm Consumers and Limit Role of Indepependent Appraisers

A plan under consideration in Washington will drastically curtail the valuable role of independent appraisals in home sales and harm consumers. The plan, known as the Home Valuation Code of Conduct (HVCC), was designed to prevent lenders and mortgage brokers from coercing appraisers into providing inflated property valuations. Unfortunately, as written, it will actually harm independent appraisers, who have no financial incentive and act as the “auditors” of housing transactions. If approved by federal regulators, the HVCC is scheduled for national implementation in January 2009. Click to read more