On May 5, 2010, NAIHP President Marc Savitt, wrote to FHFA Director EdwardDeMarco, asking that the Home Valuation Code of Conduct (HVCC), be withdrawn.“I'm sure by now you've seen the MARI report on mortgage fraud, specifically the section on appraisals. If not, a copy is attached. As you will note, appraisal fraud has increased sharply in 2009. Additional, the quality of appraisals have dropped significantly.”
“In every one of our 7 meetings with your agency, we predicted this exact same scenario. HVCC does nothing to reduce fraud or conflicts of interest. It does however, cause substantial harm to consumers and small business. It is for these reasons, we ask the FHFA to immediately withdraw the HVCC guidelines.”
HVCC Update: April 14, 2010
NAIHP's Rally and Lobby Day was successful. While members visited the offices of their representatives, leadership met with Rep. Travis Childers, who pledged to work with us to nullify HVCC. Rep. Childers revealed his plans for including the Childers/Miller/Bachman/Manzuello amendment in the appropriate bill. We also met with the offices of three U.S. Senators. Additional meetings are scheduled within the coming days.
Federal Reserve Board Meeting: April 13, 2010
NAIHP met with the Federal Reserve Board to discuss the FRB's proposed rule on loan originator compensation. The scheduled 30 minute meeting lasted almost 90 minutes, but failed to produce any positive results. NAIHP is currently working with legal advisers to discuss "options." Watch for additional updates.
March 5, 2010
NAIHP President Marc Savitt and VP Ian Coates, met with the office of Senator Tim Johnson, (D-SD). The meeting centered around NAIHP's HVCC Proposal and their overall "Main Street Solution." The Proposal, developed in cooperation with Brokers, Realtors and Appraisers, enhances existing language in HR 4173, which passed the House of Representatives in December 2009. The Senate is currently working on their version of this legislation.
"Our HVCC Proposal gives Senators an additional comfort level with respect to legislation nullifying HVCC, according to Savitt."
On March 4, 2010, Savitt and Coates met with FHFA General Counsel Alfred Pollard (regulator for the GSE's) and discussed the NAIHP Proposal. (More about this meeting later).
Since May of 2008, one full year before the implementation of HVCC, Savitt has met with the NY Attorney General's Office 5 times, the FHFA 7 times, Fannie and Freddie twice, along with numerous Members of Congress. He has also testified twice before Congress on this issue. Marc has appeared on numerous cable news shows and has been interviewed by the press countless times in his campaign to end HVCC and the harm it creates to consumers and small business professionals.
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The Home Valuation Code of Conduct (HVCC).
Federal Reserve Board Proposed Rule on compensation.
FHA Proposed Rule.
Excessive consumer fees charged by Fannie and Freddie.
Senate version of the Wall Street Reform and Consumer Protection Act of 2009. (HR 4173)
FRB comment letter signed by 18 Senators seeking YSP ban.
FHA Commissioner David Steven's 9/08 Congressional Testimony on RESPA Reform.
Borrower’s Right to Inspect Closing Documents Act of 2009
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