A new bill - HR 3044 - proposes to stop HVCC

By
Mortgage and Lending with National Credit Fixers - Matt Listro

Did you know that legislation has been proposed(HR 3044) to put an 18 month moratorium on the Home Value Code of Conduct (otherwise known as HVCC)?

stop

Through enormous pressure by the National Association of Realtors and the National Association of Mortgage Brokers there has been a bill introduced to put an 18 month moratorium on the HVCC.  Some critics have said that NAR was caught sleeping on this issue as they were silent about the ramifications of HVCC until after the fact.

Before you start jumping for joy that HVCC will be stopped, first understand the process.  Now that the bill (HR 3044) has been proposed it has gone to committee - in this case the bill is in the House Committe on Financial Services.  It is important to note that this is where most bills die (in the committee).  The House Committee on Financial Services will deliberate, investigate, and revise the bill before it can go to general debate.

If you would like updates on this issue - just subscribe to my blog as I will be tracking the bills progress in future blogs.

:)
Matt

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Posted by

Matt

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Comments (10)

Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Matt:  A nice and simple 2 year process. By the time it gets considered too much damage will have been done

Jul 10, 2009 03:06 AM
Jim Valentine
RE/MAX Realty Affiliates - Gardnerville, NV

Keep the pressure on.  Thanks for all you are doing on our collective behalf.  The HVCC is poorly thought out.

Jul 10, 2009 03:50 AM
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Hi Mortgage Guy: Thanks for the video link

Hi Ed:  I suspect it will not happen quickly which is really too bad.  I think the HVCC will have wreaked lots of havoc before it gets repealed which is a shame because the consumer is the one who is suffering until it is fixed!

Hi Jim: No problem - it's not only for us Real Estate and Mortgage people but also for the consumer - they are the ones who are paying more for appraisals and getting poor service or bad appraisals.

I hope they can fix this soon - what a mess!

:)

Jul 10, 2009 08:26 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Matt: thanks for bringing this to our attention. I had no idea.

Jul 11, 2009 12:10 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Matt, I've been watching this one.  Let's hope it goes through, because we need it.

Jul 11, 2009 12:23 AM
Terry Haugen STAGE it RIGHT! 321-956-2495
Stage it Right! - Melbourne, FL

Matt I too am wondering why NAR did not speak out when  HVCC was proposed.  Actually I often wonder exactly what their agenda really is.

After an investigation by New York Attorney General, Andrew Cuomo into Fannie Mae and Freddie Mac Appraisal practices, the agencies (with the Office of Federal Housing Enterprise Oversight (OFHEO)) agreed adopt new changes to how appraisals are processed in the mortgage industry in exchange for an end to the investigation. The centerpiece of the agreement is the HVCC, which contains many positive and common sense initiatives to help clean up the industry, but also contains significant negative changes to the how brokers and agents are able to work with appraisers and how appraisers are able to operate, hurting consumers, mortgage brokers, agents, and appraisers.

There was plenty of time for public comment.  Where was NAR?

Jul 13, 2009 01:41 AM
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

There have been times when Congress has made a mistake, understoond that they made a mistake, and actually took measures to correct the mistake. Granted, they are few and far between -- the mistake corrections, not the mistakes -- LOL.

By the way, who's the new little cutie with the white socks and white vest on?

Jul 13, 2009 09:45 AM
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Hi Russel: That is Squeekers who wears white sneakers.  Squeekers was a feral rescue from 12/16/6006.  I trapped her and her 4 12 week old kittens.  The kitten all were adopted within 30 days.  Squeekers, named for her squeeking ability, took some time to get use to people.  It took about 8 weeks before I was able to touch her.  She is a sweet sweet cat.  She loves to be pet (not picked up mind you - just pet).

:)

Jul 13, 2009 10:14 AM
Not a real person
San Diego, CA

You found her in 6006 and brought her almost four thousand years back in time? How cool is that! You should have named her Benjamin Buttons -- LOL.

Jul 13, 2009 11:54 AM
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Hi Russel: So much for spell check - how about dumb check - lol

:)

Jul 14, 2009 01:46 AM