29. Home Value Rip-Offs
Thanks to unscrupulous loan officers who coerced, threatened, and bribed appraisers’ to hit a certain, desired home value; on May 1, 2009, a new law called the Home Value Code of Conduct (HVCC) was inflicted upon the mortgage industry—and it has made matters worse for homeowners. In fact, HVCC has made matters worse for everyone except the big, unregulated appraisal management companies and big lenders who own a piece of the appraisal management companies—who are now gleefully raking in more cash because of it.
Get a load of this: Brokers, loan officers, loan processors, or anyone else who earns income from the close of a loan are gagged and bound, as follows:
• They may not select a specific appraiser.
This means they ...