HVCC Update - NAR President Charles McMillan

On July 21, 2009, Charles McMillan, president of the National Association of Realtors®, provided an update to members via podcast. A couple of topics were covered, but first on the list was the Home Valuation Code of Conduct (HVCC). Correcting the negative effects of the HVCC are high on the list of NAR priorities.

Earlier this month, I blogged about my meetings with the New York Attorney General’s office and Federal Housing Finance Agency Director James Lockhart.

Since that time, we surveyed members about this issue, and more than 30,000 of you responded. The results tell us that the problems are worse than we thought. Out-of-town appraisers are being used much more frequently; consumers are paying higher costs; and, REALTORS are losing sales.

During the July 4th recess, we asked our federal political coordinators to ask their members of Congress to sign onto a bill that would place a moratorium on the HVCC for 18 months. So far, 22 members of Congress have co-sponsored H.R. 3304. During the August recess, we will ask the FPCs to to do another strong push.

In the meantime, we will be having a special webinar for all State Association Executives on July 27th at 2:00 p.m. Eastern time. We also will be giving AEs a letter that they can ask their own state Attorneys General to sign and send along to the New York Attorney General. It, too, asks for a moratorium on the HVCC.

NAR will continue to press Congress and Regulators on this issue. For the latest information, just go to Realtor.org/HVCC.

Links to the podcast and HVCC information from NAR is available right HERE.

Another effort to seek a moratorium on the HVCC is being initiated by the Washington Association of Realtors®. WAR president, Greg Wright, is working with the state Attorney General to generate support from other states in a direct appeal to Attorney General Andrew Cuomo. They're looking for help is securing signatures from other state Attorneys General on the letter, or generating similar letters from other states. Contact information for WAR leaders and staff available HERE.

In related news, H.R. 3044 has 37 co-sponsors. This is up from just 30 yesterday! Congress will be in recess soon. It might be time to pay a visit to your member of Congress and let them know the detrimental effects of the HVCC and how important a moratorium is to you and your business.

UPDATE - July 28, 2009 - H.R. 3044 has 46 co-sponsors!