HVCC Update

There is good news regarding the HVCC…finally! HR 3044 is a new bill that is asking to put the HVCC in an 18 month moratorium. As of now, it has 37 sponsors and we are hoping for a decision in the next coming weeks. The NAMB contacted all of its members and asked them to contact multiple parties to let them know of all of the problems and issues the HVCC has caused. The agencies contacted were, Fannie Mar, Freddie Mac, FHFA (Federal Housing Finance Agency) and the office of Mr. Andrew Cuomo. The points that were stressed to the different parties were; The cost is estimated at 2.8 billion to consumers because of higher appraisal costs, and extra fees for buying extensions. Unregulated appraisal management companies who pay inexperience appraisals a minimum fee, so they can keep a higher profit percentage, and do nothing to reduce fraud. Also, they trap borrowers, because they do not let the appraisal be used by any other lender, costing the borrower a double fee if he would like to use a different bank. Appraisal management companies are driving honest appraisers from the business because they are looking for cheap labor with no regards to integrity or quality. The number of complaints that have been filed is an incredible number and finally we have individuals who value integrity to put the HVCC in a moratorium for 18 months. Hopefully at the end of the 18 months the HVCC will be removed because everyone will see what a waste of time, money and energy this stupid idea became! Please contact your representative to support HR 3044 and ask them when they will be singing the bill!

We need everyone to support this bill. Please contact the following offices below;

NY Attorney General Andrew Cuomo’s Office-212-416-8000
Federal Housing Finance Agency (FHFA); 866-796-5595, director@fhfa.gov
Fannie Mae; 800-732-6643
Freddie Mac; 703-903-2000

Please contact me with any questions.
More HVCC information.