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EXCITING NEWS... a bill to ELIMINATE HVCC!

By
Mortgage and Lending with Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. NMLS257576

We've been hoping and watching HR 3044, which was a proposal to put an 18 month moratorium on HVCC but suddenly there is a new and better one out there: HR 3126. This bill is currently being reviewed by the Housing Finance Committee and is expected to go before the House for a vote within a couple of weeks!! And before Senate for a vote maybe by year end???

There are amendments to this bill that will:legislation

1) nullify HVCC because it has "dramatically damaged the home mortgage process across the nation

2) request a more gradual implementation period of the new TILA requirements allowing HUD and the Federal Reserve to coordinate their regulatory efforts between RESPA and TILA (it really IS ridiculous right now, isn't it???)

3) and prohibit the government from capping the amount of compensation paid to mortgage lenders regardless if they are state chartered or federally chartered, big or small.

There is hope that someone out there is still sane. I, for one, had begun to question that!

What can YOU do? KEEP THE PRESSURE ON!! It seems, someone is listening to our pleas to stop the madness!! Call your representatives and tell them we need them to support HR 3126!

To track of the status of the bill, click here: HR3126.

Posted by

Ruth Vogt, Reverse Loans in Colorado

Ruth Vogt
NMLS #257576
Reverse "Retirement" Mortgage Lender

Educating 62+ homeowners on how to leverage home equity allowing them to live more comfortably in their retirement years.

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303-881-7849

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Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

 

Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

I hope sanity prevails - although the sane among us seem to be in the minority these days...

Oct 22, 2009 11:10 AM
Guy Thomas
WR Starkey Mortgage - Colorado Springs, CO

Good information, Ruth.  Now if FICO and Underwriting can take two steps back we will have a great 1-2-3 punch again. 

Oct 22, 2009 04:08 PM
Tim Duvall
Area Manager at Guaranteed Rate, Inc - Colorado Springs, CO

Very good news!  Thank you for the link to keep an eye on this new bill.  I'd like to shake the hand of whoever came up with such a good idea!  Maybe reason, capitalism, and the best interests of the consumer can all work hand-in-hand after all! 

Oct 23, 2009 02:25 AM
Stephanie Oliver
Centennial, CO

Would certainly be a great way to start the New Year, now wouldn't it???

Oct 23, 2009 03:22 AM