Call to Action - HVCC

 

The National Association of Mortgage Brokers recently sent out a call to action in attempt to get the industries voice heard.    I want to make the mortgage brokers that are not in the association know, as well as appraisers, Real Estate Brokers, Consumers, and Title Agents know what they can do to have help the situation.               

 

NAMB has set up a HVCC Resource Center, which can be found at: NAMB HVCC Resource Center

 

NAMB also wants to receive emails detailing specific issues that have been created by HVCC (delays in closings, cost to consumer, lost rate lock, etc.).  This information can be sent to NAMB at the specific email address:  hvcc@namb.org

If you believe HVCC has caused issues in your business then please let let your voice be heard.  Whom to contact from NAMB release:

" Who will you be contacting?

NY Attorney General Andrew Cuomo's Office: (212) 416-8000, Internet Complaint
Federal Housing Finance Agency (FHFA): (866) 796-5595, director@fhfa.gov
Fannie Mae: (202) 752-7000, headquarters@fanniemae.com
Freddie Mac: (703) 903-2000, Internet Complaint
Senators, Representatives and Governors: Click here for contact information. "

 

The problems I've seen so far:

• Each lender is requiring their own Vendor Management company
• It is taking 2 - 3 times longer to get an appraisal
• After the appraisal is ordered through one lenders "preferred" Appraisal Management Company, you cannot take the appraisal to another lender.
• Quality appraisers with years of experience and industry knowledge are leaving, because these unregulated Appraisal Management Companies are taking 20 - 30% of the appraisal fee.

 

Articles Illustrating the Effects of the HVCC from NAMB email

    A.  The Appraisal Bubble - The Center for Public Integrity
    B.   The Cure is Worse than the Disease - Appraisal Press
    C.   Appraisals Roil Real Estate Deals - The Wall Street Journal

 

Don't forget to sign the petition for a Reconsideration of HVCC

 

Rhonda Porter at "The Mortgage Porter" wrote an excellent post on "HVCC:  Why Should YOU Care?"  Go check it out.