Financial Reform Bill Kills HVCC; Helps Appraisers

Dennis Norman

07/17/10-Correction – This past week Congress passed H.R. 4173, the Wall Street Reform and Consumer Protection Act which is the most comprehensive reform to the banking industry since the Great Depression.  The bill now awaits President Obamas signature which is expected to happen in the coming week.

This is a very comprehensive bill and I’m not sure even the Congressmen that passed it know everything that is in it, so I’m certainly not going to even pretend to know that much about the bill, but the one thing I do know is the Home Valuation Code of Conduct (HVCC) is dead. It’s been a while since I have written about HVCC but to refresh everyone’s memory HVCC is something has wreaked havoc with home buyers, REALTORS and appraisers. HVCC, which went into effect on May 1, 2009, has caused issues and confusion in the real estate industry and among professionals in the industry.

Killing HVCC will be, in my opinion, be a positive thing for the real estate market.

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