NAMB Applauds Bill To Suspend HVCC

Written by John Clapp
on June 30, 2009 No Comments
Categories : Residential Mortgage

me Valuation Code of Conduct (HVCC) may be suspended for 18 months, if one recently introduced piece of legislation has the legs to move through Congress. H.R.3044, introduced by Rep. Travis Childers, D-Miss., on June 25 and co-sponsored by Rep. Gary Miller, R-Calif., looks to impose a year-and-a-half moratorium on the heavily debated appraisal code. Last week, National Association of Realtors Chief Economist Lawrence Yun suggested that "faulty valuations" slowed home sales transactions in May – the month the HVCC became effective. H.R.3044 has found the support of at least one trade group, the National Association of Mortgage Brokers (NAMB). The organization's president, Marc Savitt, released a statement urging Congress to swiftly pass the bill. "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," Savitt said in the statement. "Tens of thousands of consumers have already been robbed of their opportunity to enjoy historically low rates by Attorney General Andrew Cuomo's ru

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