There may be some things wrong with HVCC... for starters, no IVPI... but, some of the stuff on the video is pretty ridiculous. Some examples:
Lies and misrepresentations:
One man has crippled...
I didn't see any evidence presented that HVCC has hurt the housing market. In fact, wasn't NAR just releasing stats last month to show an increase in first time home buyers?
Eliminates all communication between everyone involved in the lending process...
Hmm. Last job I did for a bank, I had a question so I called the bank's appraisal manager and she said, "Here's the loan officers name and number, call him."
Prohibited from communicating with them in any fashion...
Apparently, an out and out lie.
All lenders ordering appraisals through large appraisal management companies.
All is a really big word.
Leaving them with... oftentimes unlicensed appraisers to do the job....
A provable outright lie. The appraiser actually has to have higher qualification than a license... for Fannie to buy the deal, the appraiser must be certified.
As a result, transactions are failing in droves.
They only way I have to check on this is communication with local agents and looking in the MLS. It looks like business is actually up a tad.
There isn't a law requiring a lender to accept an outside appraisal.
Let's certainly hope there never will be, either. If I am going to put my bank's money at risk, why should there be a law saying I have to accept the appraisal xyz bank ordered if I don't trust them?
Ninety-five percent of the time it will cost the buyer another appraisal fee.
Prove it! Let's see the raw data that lead to this amazing statistic.
All the experienced appraisers... quit the business as a result.
No. Many of us quit the business as a result of crooked mortgage brokers many years before HVCC. Some of us are now considering re-entering that segment of the business. For me, it will take evidence that the shenanigans of the old comp-check, pre-determined value game are a thing of the past.
