Monday, February 23, 2009

NAMB Files Lawsuit Over Controversial HVCC

Back in January we discussed the Home Valuation Code of Conduct (HVCC) in THIS POST. Additional information about opposition to the HVCC from Federal Bank Regulators was provided HERE.

Now, we provide this release from the National Association of Mortgage Brokers:

The Home Valuation Code of Conduct Severely Limits Market Competition

McLean, VA – The National Association of Mortgage Brokers (NAMB), with the support of Baker & Hostetler LLP, filed a lawsuit today with the United States District Court for the District of Columbia against the Federal Housing Finance Agency (FHFA) Director James B. Lockhart over the controversial Home Valuation Code of Conduct (HVCC) included in the appraisal agreements between the FHFA, Fannie Mae and Freddie Mac (GSEs), and New York Attorney General Andrew Cuomo.

“The HVCC does nothing but drive up costs for consumers and push small businesses out of the market,” said NAMB President, Marc Savitt. “The HVCC will drastically reduce the ability of mortgage brokers to provide consumers with an efficient and cost-effective means of obtaining a mortgage.”

Copy of the suit - CLICK HERE (23 pages, pdf)

THANKS to the National Association of Mortgage Brokers for stepping up to the plate and taking action!

Litigation is expensive. You can make a contribution to their efforts to fight the Home Valuation Code of Conduct by visiting their website and making a CONTRIBUTION.


Anonymous said...

Hope it nails Fannie Freddie and Lockhart. The truth of Cuomo's investigation needs to be made public

Anonymous said...

Taylor, Bean, and Whitaker Mortgage Corp. today sent us an email saying that we will be required to use their AMC, SecurityOne, as of May 1st. I will no longer do business with TBW. They make a lot of money off mortgage brokers and are now just looking to make more. They own a stake in SecurityOne. Once a loan is submitted to TBW after May 1st, the mortgage broker has lost COMPLETE control over the file as TBW owns that appraisal and it will require a new appraisal to swith it to another lender (especially if the new lender wants you to use their AMC). Mortgage brokers need to boycott this whole system or we will no longer have a profession.