The new HVCC regulations explained by a local Mortgage professional:
It’s a new law that just went into affect on May 1st…..appraisals can no longer be ordered by the loan officer….they are ordered randomly through an appraisal management company….which means we have no idea who is doing the appraisal, how much they charge for the appraisal, how long it’ll take to get the appraisal done….and most importantly, how much the appraised value will be until it’s too late (that applies more to refinances than purchases).
In a nutshell, mortgage companies have NOTHING to do with appraisal ordering anymore. The purchase market won’t be affected quite as much because the Purchase & Sales contracts will be submitted with the appraisal orders.
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