The U.S. House of Representatives will take up HR 4173 within days. The measure provides for the long awaited reform of Wall Street and creates the Consumer Financial Protection Agency (CFPA). The legislative team of the National Association of Mortgage Brokers (NAMB) worked hard in protecting the ability of consumers, at their option, to finance agreed upon mortgage broker compensation in their mortgage rate thereby preserving a long-standing important option for consumers. Such language was included in the manager's amendment to the bill. This is a victory for consumers and mortgage brokers by keeping the mortgage markets competitive between all distribution channels and ensuring that options are available to consumers.
Also included in the legislation, scheduled to go to the House floor as early as Wednesday, is language NAMB worked on to sunset the Home Valuation Code of Conduct (HVCC) upon enactment of the bill. The unintended consequence of the HVCC have become very apparent and this legislation sends a clear signal to Fannie Mae and Freddie Mac that a new approach is warranted.
NAMB will examine the new bill and any amendments offered to determine if NAMB members need to contact their House members to take action. Click here to find your Representative's contact information.
For more information, visit www.namb.org.