Rep. Travis Childers (D-MS) and George Miller (R-CA) have introduced legislation requesting an 18-month moratorium on the Home Valuation Code of Conduct (HVCC). The National Association of Mortgage Brokers (NAMB) applauds the introduction of HR 3044. NAMB would like to thank Reps. Childers (D-MS) and Miller (R-CA) for their continued efforts and leadership on this issue. “The introduction of this legislation is a victory for consumers and members of the industry alike,” said NAMB President Marc Savitt, CRMS. “We thank Congress for recognizing the need to address the issue of appraiser coercion without causing undue harm to borrowers or diminishing competition in the marketplace.”
NAMB has taken an active stance against the HVCC since its introduction in March of 2008.
“We urge Congress to pass HR 3044 as soon as possible to ensure that more borrowers will not
be negatively impacted by this de facto rule,” stated Savitt. “In the period of time since its
implementation, the HVCC has increased costs to consumers and decreased the quality of
appraisals and has provided a level of uncertainty in an ailing housing market. Tens of thousands
of consumers have already been robbed of their opportunity to enjoy historically low rates by
Attorney General Andrew Cuomo’s rule.”
NAMB looks forward to working with Members of Congress as this legislation progresses.
For more information, visit www.namb.org.