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HVCC news

Bill Proposes HVCC Moratorium

NAMB applauds House bill

June 26, 2009

By MortgageDaily.com staff


Lawmakers have introduced federal legislation that would suspend the Home Valuation Code of Conduct.

Rep. Travis W. Childers (D-Miss.) and Rep. George Miller (D-Calif.) introduced H.R. 3044 on Wednesday, the National Association of Mortgage Brokers announced Thursday.

The bill would require an 18-month moratorium on the HVCC.

NAMB President Marc Savitt testified before lawmakers last week that the HVCC conflicts with other appraisal regulations and has led to "a tremendous decline in appraisal quality." It has also pushed appraisal fees up an average of $150 and caused delays that are costing prospective borrowers around $562 each for extensions. In all, brokers estimate borrowers are likely to collectively pay an additional $2.8 billion a year.

In yesterday's statement, Savitt called the new legislation a victory.

"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," the NAMB chief said.
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