A petition containing 117,000+ signatures to end HVCC (Home Value Code of Conduct), is being presented by Brian Stevens and Frank Garay from Think Big Work Small, to  Andrew Cuomo, today in New York.

According to HVCCpetition.com, the signing statistics were as follows:

• 39.6% if the petition signers were mortgage originators
• 29.8% of the petition signers were real estate professionals
• 17.4% of the petition signers indicated they worked in some other facet of the industry
• The  remainder of the petition signers were primarily home owners or potential home buyers

For those unfamiliar with HVCC… this bit of legislation stopped the ability of mortgage brokers to order appraisals from the sources that they are familiar with and put the appraisal process in the hands of the ultimate lender the loan would be placed with.  The HVCC procedure has resulted in appraisal delays and additional costs to the borrower and has all but eliminated the borrower’s ability, without incurring the cost of another appraisal, to have their loan placed at another lender, once the appraisal has been ordered.

Stay tuned for further news on this very important issue affecting the mortgage and real estate industry.