FHFA Confirms HVCC is doing much better than bad press its receiving.
On July 22, 2009 FHFA released a notice reinforcing the long term role of the HVCC in restoring the real estate market as a whole. In a short but very straight forward letter the agency addressed some very key points about the negative press the HVCC is receiving by the industry. The agency emphasized that the HVCC is not the cause of all the bad press about it but is rather a process that is helping restore the real estate industry as a whole. It addresses key points in respected to the use of AMC’s, Increased Cost of closing and turnaround times.
In conclusion they emphasized the “critical role” of the HVCC and how important accurate appraisals and quality appraisers are to the underwriting process.
This comes in at time in which the HVCC is the topic of much controversy and bad press. Although some of the bad press is a legitimate concern the majority of it is the industry lashing out on a major business change as everyone is still going through an adjustment period.
