The Home Valuation Code of Conduct (HVCC) was recently enacted in an attempt to improve the quality of lending. However, AMIC believes this is an ill conceived law that punishes consumers as well as reputable mortgage companies and appraisers. It increases the cost of lending by forcing the utilization of third party appraisal management companies as well as not pemitting portability of the appraisal from one lender to another. With the lottery style selection of appraisers, the mortgage company has no control over the quality of the work preformed. As has been the case for decades, the lenders all have quality control departments that review appraisal company work and they have the authority to remove appraisers from their approved list if the work is not preformed properly. This is the level at which the system failed and where the efforts should be focused.
The law does not apply to any US government guaranteed loans such as FHA, VA or USDA.
Please join AMIC in fighting to repeal this law by contacting President Obama as well as your Congessmen.
 AMIC - Headquarters 707 Alexander Road, Suite 208 - Princeton, NJ 08540 Office Phone: (609) 452-1400 Toll Free Phone: (800) 301-1500 Licensed New Jersey DOBI & Pennsylvania Department of Banking | NMLS 144912 
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