“What’s HVCC?” I believe those were the exact words I used in response to being asked by the editor of this magazine to write a July cover story on the Home Valuation Code of Conduct.
“But I don’t know anything about appraisals, much less the appraisal industry.” Those were my next words. “All I know about appraisals is that my mortgage broker orders them, and someone has to wait at home for the appraiser to arrive, a job that has historically fallen to my wife.” We’ve purchased three homes and the truth is that I’m not even sure I’ve ever actually met an appraiser".
“Perfect,” was my editor’s response, “That’s exactly why we want you to write it. You’re going to be outraged, and readers love it when you’re outraged.”
That's the way CUOMO’S CROSSING: An Outsider’s Appraisal of the New HVCC Rulesby Martin Andelman begins.
I had to weigh the entertainment value of his article against some of the errors in his research and his conclusions. Those familiar with the HVCC will spot them pretty quickly. Those that aren't will at least be entertained while getting up-to-speed on how the HVCC got started.
Tip O' The Hat: http://www.ICAPWeb.com members T.J. McCarthy and Maureen Sweeney for the link to this article.
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