Skip to main content

Mortgage Spirit provides revenue management and loan search and pricing technology to mortgage industry

National Mortgage Professional
Jan 06, 2009

New York Attorney General, GSEs release revised appraisal agreementMortgagePress.comAndrew Cuomo, GSEs, appraisals, NAMB, FHFA, Fannie MAe, Freddie Mac, Home Valuation Code of Conduct The National Association of Mortgage Brokers has announced its disappointment with New York Attorney General Andrew Cuomo, government-sponsored enterprises Fannie Mae and Freddie Mac (GSEs) and the Federal Housing Finance Agency (FHFA) for issuing its revised Agreement on the Home Valuation Code of Conduct (HVCC) for appraisals. This agreement, in response to an initial investigation into business practices conducted between Washington Mutual and appraisal management company E-AppraiserIT, once again fails to address the appraiser fraud problem. NAMB today issued the following statement from NAMB President Marc Savitt: "This agreement amounts to a de facto regulatory action which avoids the appropriate process. The law provides for a process to implement regulatory and policy changes such as those contemplated and specified in this agreement. This agreement will increase costs to consumers and remove thousands of small business competitors from the marketplace. This will create a severe disadvantage to small business mortgage brokers, and prevent them from engaging competitively in the mortgage marketplace. The Attorney General and GSEs disregarded many letters submitted by industry associations citing numerous laws and regulations already in place and for failing to make the necessary revisions in the new agreement to accurately address the problem of appraiser fraud. The solution to appraiser fraud is to hold responsible those that commit the fraudulent acts: appraisers. Regulators have failed to reprimand appraisers committing similar acts to those committed during the Savings and Loan Crisis, and instead held small business mortgage brokers accountable. As always, we are ready to work with these agencies to achieve the objective of eliminating appraiser fraud without disrupting the marketplace or hurting consumers. As it stands now, the National Association of Mortgage Brokers intends to consult with our legal advisors and to take appropriate legal action if necessary." For a copy of the revised agreement, please click here. For more information, visit
Jan 06, 2009
More from
First Tech Federal Credit Union Chooses ICE Mortgage Technology’s EPPS

First Tech Federal Credit Union has chosen ICE Mortgage Technology’s EPPS to improve automation, compliance, and scalability to meet the demands of over 720,000 members. 

Jul 29, 2021
ICE Makes Enhancements To Its Mortgage Prepayment Model

The Intercontinental Exchange, Inc. made enhancements to its mortgage prepayment model with daily residential mortgage rates from ICE Mortgage technology.

Jul 27, 2021
Liquid Mortgage Technology Supports Efficient Debt Market

Liquid Mortgage received a U.S. patent for its distributed ledger technology to support its future vision of efficient and transparent debt markets.

Jul 22, 2021
Rocket Expands Home Search Tool To All 50 States

Rocket Homes announced its growing home search tool now includes listings from all 50 states.

Jul 21, 2021
Better's One-Click Checkout Now Offers Title Insurance For Refi's

Better announced it has been licensed as a title insurance provider for refinance transactions through Better Settlement Services (BSS) in Virginia. 

Jul 20, 2021
Fairway Independent Mortgage Uses Doma To Improve Refinance Business

Doma Intelligence platform will remove key points of friction and frustration that affect traditional mortgage closings.

Jul 16, 2021