H.R. 3044: To impose an 18-month moratorium on the Home Valuation Code of Conduct
McLean, VA - June 26, 2009 - Last night, Representatives
Childers (D-MS) and Miller (R-CA) introduced legislation calling for an 18
month moratorium on the Home Valuation Code of Conduct (HVCC). The National
Association of Mortgage Brokers (NAMB) applauds the introduction of H.R. 3044.
NAMB would like to thank Representative Childers (D-MS) and Representative
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 H.R. 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.
The National Association of Mortgage Brokers is the voice of
the mortgage broker industry, representing the interests of mortgage brokers
and homebuyers since 1973. The Association is committed to promoting the
highest degree of professionalism and ethical standards for its members. In
addition to mandating members adhere to a professional code of ethics, NAMB
provides mortgage brokers with professional education opportunities, and offers
rigorous certification programs to recognize members with the highest levels of
professional knowledge and education.
Do you support HR 3044?