Bill seeks to suspend HVCC appraisals

WASHINGTON – July 1, 2009 – Reps. Travis Childers (D-Miss.) and Gary Miller (R-Calif.) have teamed up to champion a bill that would create a moratorium on the new Home Mortgage Valuation Code of Conduct, which prohibits loan brokers and loan officers from directly ordering appraisals.

The bipartisan legislation directs the Federal Housing Finance Agency to suspend the code for 18 months. The code has been criticized by the National Association of Mortgage Brokers for delaying residential property closings and costing its members business at a critical time.

Group members also oppose paying high fees to appraisal management firms.

Source: 
American Banker (06/30/09) P. 6

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