Mortgage Blog

HVCC(Home Valuation Code of Conduct) Updates

June 27th, 2009 10:19 AM by Eric Fang

Thursday night(June 25th), Representatives Childers (D-MS) and Miller (R-CA) introduced legislation calling for an 18 month moratorium on the Home Valuation Code of Conduct (HVCC) -- H.R. 3044.

"The introduction of this legislation is a victory for consumers and members of the industry alike," said NAMB President Marc Savitt, CRMS. "We thank Congress for recognizing the need to address the issue of appraiser coercion without causing undue harm to borrowers or diminishing competition
in the marketplace."

NAMB has taken an active stance against the HVCC since its introduction in March of 2008. "We urge Congress to pass H.R. 3044 as soon as possible to ensure that more borrowers will not be negatively impacted by this de facto rule," stated Savitt. "In the period of time since its implementation, the HVCC has increased costs to consumers and decreased the quality
of appraisals and has provided a level of uncertainty in an ailing housing market. Tens of thousands of consumers have already been robbed of their opportunity to enjoy historically low rates by Attorney General Andrew Cuomo's rule."

Click Here for the Video about HVCC

Click Here is you want to join petition of HVCC

Posted in:General
Posted by Eric Fang on June 27th, 2009 10:19 AM

My Refinance deal was killed by the inexperienced appraiser when he got the way too value for my property. I have to do another appraisal or wait for the higher value.
Posted by Larry on June 27th, 2009 10:23 AM



My Favorite Blogs:

Sites That Link to This Blog:

1288 Kifer Road Suite 208
Sunnyvale, CA 94086