Today marks the day that HVCC compliance is required by all mortgage companies, and I am ecstatic. This will surely fix the housing market's woes and streamline all mortgage processes. This idea is brilliant, in that, it takes an already flawed mortgage process and asks, how can a regulation make this less efficient, how can the mortgage process become more convoluted? By the way, I am being facetious.
I have an inkling that this is only the beginning of new regulations that will make existing as a mortgage company, especially a broker, more difficult. The questions is, will this work? HVCC compliance assumes that part of the mortgage melt down should be blamed on mortgage professionals swaying appraisers to inflate a home's value to make their deal work. Uh...what about legislation passed down loosening lending guidelines? What about a 580 credit score getting 100% financing without proof of income? I could keep going, but honestly there's no need. The silver bullet has arrived -- the Home Valuation Code of Conduct. So, celebrate this day, for you all have been saved.
HVCC is a headache, but the LoanMarq application is the simple, cost effective solution for mortgage companies to comply. An appraisal manager user type has been added to the web-based community within LoanMarq. The appraisal manager will now coordinate all home valuation aspects of the mortgage transaction, while fulfilling the HVCC regulations. LoanMarq allows mortgage companies to handle HVCC compliance in house without outsourcing this function to a third party: saving time and money, while retaining valued, appraiser relationships. This is truly the silver bullet, without the sarcasm.
Continue reading The Silver Bullet.
