A press release from the National Association of Mortgage Brokers (NAMB). The Arizona Association of Mortgage Brokers (AAMB) is a member state of NAMB.
NAMB Applauds Introduction of HVCC Legislation
McLean, VA – June 25, 2009 – Last night, Representatives Childers (D-MS) and Miller (R-CA) introduced legislation requesting an 18 month moratorium on the Home Valuation Code of Conduct (HVCC). The National Association of Mortgage Brokers (NAMB) applauds the introduction of H.R. 3044. NAMB would like to thank Representative Childers (D-MS) and Representative Miller (R-CA) for their continued efforts and leadership on this issue.
“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."
NAMB looks forward to working with Members of Congress as this legislation progresses.
###
Click on the "Share This" link below to forward this important message.
Want to receive more alerts like this one? Stay Connected and SUBSCRIBE to AAMB's Blog Today!
Its sad that NAMB has historically influenced appraisers and now they are influencing Congress.
Posted by: kar | 09/21/2009 at 03:15 PM