John Taylor, chief executive officer and president of the National Community Reinvestment Coalition (NCRC), urged the conference committee to withstand pressure to remove independent appraisal requirements on mortgages in S.3217, the Restoring American Financial Stability Act of 2010, and expressed disappointment with its failure to resolve the troubling conflict of interest between credit rating agencies and Wall Street.Read more

Allonhill, an independent third-party review firm specializing in mortgage due diligence and credit risk management, have announced the formal release of a complete securitization solution for issuers and underwriters of residential mortgage-backed securities (RMBS). The new approach to securitizations offers issuers a turn-key solution by meeting the requirements of all four major credit rating agencies for third party review firms.Read more

Amidst all of the discussion of the mortgage crisis and the implementation of the Home Valuation Code of Conduct (HVCC), there has been lots of finger pointing, concerning who was at fault for the meltdown and what should and should not be done to fix the problem(s). Unless you have been in seclusion for the past year, you have heard of the attempts of New York Attorney General Andrew Cuomo to keep appraisers separated from loan originators.Read more

National Mortgage Professional Magazine had an exclusive opportunity to follow up with National Association of Mortgage Brokers (NAMB) Immediate Past President Marc Savitt of The Mortgage Center in Martinsburg, W. Va. to discuss his trip to New York City and the offices of New York State Attorney General Andrew Cuomo.Read more

Marc Savitt, immediate past president of the National Association of Mortgage Brokers (NAMB), along with Frank Garay and Brian Stevens (co-creators of Think Big Work Small) and a contingent of 20-plus mortgage brokers and appraisers, visited the New York City offices of New York State Attorney General Andrew Cuomo to hand deliver 35 boxes worth of anti-Home Valuation Code of Conduct (HVCC) petitions containing 120,000-plus signatures from both mortgage industry professionals and consumers.Read more