Legislative Alert!

So those of you that have read this blog are aware of the trials and tribulations that have occured since the onset of the Home Valuation Code of Conduct (HVCC). Some of the Realtors that I work with read this blog and know first hand some of the issues that we have had to deal with, and the work it takes to overcome these issues. Well...good news may be on the horizon! The National Association of Mortgage Brokers has successfully lobbied congress to get an amendment offerred to immediately "sunset" the HVCC. This means that lenders would again be able to order appraisals from their trusted associates, appraisers would get paid their fair wages, and the overall quality of work on appraisals would increase. This is potentially great news for Buyers, sellers, loan officers, Realtors, title companies, appraisers...basically everyone connected to a home transaction. I will continue to keep you updated. here is some of the info: (by the way...rates are still unbelievable!!!)

After months of hard work and meetings with Congress, NAMB is pleased to announce it was successful in working with Congress to have an amendment offered to S. 3217, the "Restoring American Financial Stability Act of 2010," that would create new appraisal independence standards and SUNSET the HVCC. Senate Amendment 4015, introduced by Senator Casey (D-PA), would, upon enactment of S. 3217, immediately sunset the highly controversial Home Valuation Code of Conduct (HVCC). The amendment would also bring greater appraisal quality and accountability to the housing market by requiring licensing standards for appraisers pursuant to the SAFE Act, and require minimum standards for AMC's, among other provisions.

NAMB applauds Senator Casey and staff for their hard work on this amendment. The amendment will be officially public tomorrow, continue to monitor your email and NAMB's website (www.namb.org) for updates on this amendment's progress.

For a copy of the amendment, go to this link: https://www.namb.org/images/namb/GovernmentAffairs/casey%20amdt%204007.pdf

Thanks for stopping by! Call me or our great team with any questions!