When talking recently with local Realtors, Brokers, and Loan Officers about the Home Valuation Code of Conduct (HVCC), there has been concern and fear about how HVCC might shape the mortgage industry, not to mention, their business.
Important News from the National Association of Mortgage Broker website:
McLean, VA – The National Association of Mortgage Brokers (NAMB), with the support of Baker & Hostetler LLP, filed a lawsuit today with the United States District Court for the District of Columbia against the Federal Housing Finance Agency (FHFA) Director James B. Lockhart over the controversial Home Valuation Code of Conduct (HVCC) included in the appraisal agreements between the FHFA, Fannie Mae and Freddie Mac (GSEs), and New York Attorney General Andrew Cuomo.
What does this mean for local mortgage brokers, real estate agents, and all involved parties (including appraisers)? Well, there is nothing definitive to report, but with the lawsuit filed it may be possible to see the deadline for HVCC postponed ,or who knows, maybe they’ll throw it out altogether. We shall see.