The House Financial Services Committee (HFSC) has approved HR 3126, the “Consumer Financial Protection Agency Act of 2009” by a vote of 39-29.  The National Association of Mortgage Brokers (NAMB) commends and appreciates the participation of its membership in the Calls-to-Action by contacting representatives and urging them to vote for specific amendments to the bill. Two important amendments offered impacted the Home Valuation Code of Conduct (HVCC) and the Real Estate Settlement Procedures Act (RESPA).Read more

Calling it “a victory for consumers,” the Appraisal Institute praised an amendment passed by a Congressional committee that will help prevent improper pressure on real estate appraisers during the mortgage loan process. “This is an important step for everyone who buys or sells a home,” said Appraisal Institute President Jim Amorin, MAI, SRA.Read more

Take action now! Call your House Financial Services Committee representative and ask him or her to support the following three amendments to HR 3126, the “Consumer Financial Protection Agency Act of 2009.” This bill is currently being considered by the House Financial Services Committee.Read more

In an Oct. 14 letter to the U.S. Committee on Financial Services, Reps. Barney Frank and Spencer Bachus, the National Association of Mortgage Brokers (NAMB), along with the American Bankers Association, Consumer Bankers Association, Consumer Mortgage Coalition, Financial Services Roundtable, Housing Policy Council, Mortgage Bankers Association, National Association of Federal Credit Unions and the Real Estate Services Providers Council Inc., have shown their support for an initiative by Rep. Judy Biggert that would stagger the U.S.Read more