After much pressure from multiple people in the mortgage industry it appears that the Fed’s just might be coming to their senses. The bill HR 3136 has an amendment attached to it by Congressman Gary Miller – CA, Travis Childers – MI, Don Manzullo – IL & Michelle Bachman – MN. The bill was approved in the Financial House Committee. The bill is now on its way to a house for a vote. The vote should take place within the next two week.
This is a big deal as many people that want to take advantage of the current low rates or a debt consolation loan can not due to the process of the HVCC. Face it, apprised value is an opinion of a homes value based upon resent sales. So do you use the highest priced sales comps or the lowest sales comps? I little research about the high and the low sales comps usually brings a clear picture of actual value. With the appraisers hiding behind the AMC’s & HVCC along with their lack of accountability there is no need for them to do a quality job. Any appraiser that is not happy with the HVCC going away need only to look at their co-workers work performance and they will see what I am talking about.