Wednesday, May 6, 2009

HVCC Explained

Since the beginning of the year Appraiser Active has collected dozens of links to information about the Home Valuation Code of Conduct (HVCC); some of it interesting and informative, much of it otherwise. Given the dire results of the implementation of the HVCC, almost none of the links have led to anything remotely entertaining.

Today, there was a change:

Click to Play Video

Maybe we're just easily amused or suffering from HVCC overload.

The idea is to explain the HVCC to Realtors. To let folks know of some of the effects of the implementation. Most of what they say is accurate, and has been documented HERE over the past few months.

I also meant to post a link to the Jonathan Miller podcast, Home Valuation Code of Conduct: Y2K of Appraising? It turns out that Jonathan is the source of the great quote at the bottom of this post.

Listen to the podcast for some good information and TWO great quotes:

(starting around 13:35)

"We know what they are (AMCs). "they're just robotic entities that crank out documents that have numbers on them".

and this classic

" The quality of their work is just crap."

LISTEN and enjoy (or weep).

They meant for the acronym HVCC to be pronounced "havoc" right?


Unknown said...

The one "mis-step" they took is that they said "ALL appraisals have to be ordered through an AMC". That is wrong! The lenders can have their own department that is separate from the production department, order the appraisal (as I know you are aware).

Jonathan Miller said...

Great blog Gregoire - I'll be sure to check back with you in the future.