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National Association of Mortgage Brokers Sues FHFA

Appraisal Issues - house of dollar bills Today, the National Association of Mortgage Brokers (NAMB) issued a press release announcing that they have filed suit against the Federal Housing Finance Agency (FHFA), the entity that now supervises Government Sponsored Entities Fannie Mae and Freddie Mac regarding the Home Valuation Code of Conduct (HVCC).

Read NAMB's press release here.

Following the Appraisal Institute's memorandum on 2/12/2009, this appears as a bright spot on the horizon for appraisers and mortgage brokers.

Although "appraiser independence" was the original goal for the HVCC, the resulting convolution of new regulations puts the fox in charge of the hen house, by practically forcing secondary market lenders to utilize appraisal managements groups to obtain appraisal reports.

As a note, I fully support appraisal independence and ethical appraisal practices, but I do not support the HVCC in its current form.

Michelle DeRepentigny, GA Certified Residential Appraiser 6547 & Associate Broker

Posted by Michelle DeRepentigny, *Broker * Athens, GA on 02/23/2009 10:03 PM

Comments (4)

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4 Comments on National Association of Mortgage Brokers Sues FHFA

FEB

Good information. It sounded as if this might not last. It'll be interesting to see how it all shakes out.