Florida Association of Mortgage Brokers has partnered with the National Federation of Mortgage Professionals (NFMP) to expand participation in the Federal Legislative and Regulatory process

National Federation of Mortgage Professionals Call to Action

Contact your US House of Representative member and ask them to co-sponsor HR 3044 to stop HVCC

As of May 1, 2009, the housing GSEs (Fannie Mae and Freddie Mac) no longer purchase loans from lenders "accepting appraisal reports completed by an appraiser selected, retained, or compensated in any manner by any third party." Lenders may only accept appraisal reports from a pre-approved list of appraisers or unregulated Appraisal Management Companies. This new requirement, called the Home Valuation Code of Conduct (HVCC), is bad for consumers and must be stopped.

HVCC Results in Poor Quality Appraisals and Increases Costs for Consumers

It is important to ensure that home appraisals are high-quality and accurate. However, rules to prohibit improper influence on appraisers and ensure appraisal independence should not unintentionally increase the cost of obtaining a mortgage loan for consumers. The HVCC results in poor quality appraisals and it increases costs for consumers.

HVCC Is Not an Effective Way to Prohibit Inflated Appraisals

The HVCC has resulted in increased costs and low-quality, unreliable home appraisals. There is no indication that the HVCC has actually worked to prohibit improper influence on appraisers and ensure appraisal independence.

Contact your federal representative today and ask them to cosponsor H.R. 3044 to impose an 18-month moratorium on the HVCC, which has had a detrimental impact on consumers and the housing market.

Federal and State Agencies Target Mortgage Foreclosure Rescue and Loan Modification Scams

Federal Trade Commission Chairman Jon Leibowitz, announced Operation Loan Lies, a coordinated national law enforcement effort to crack down on mortgage modification scams. The operation involves 189 actions by 25 federal and state agencies against defendants who deceptively marketed foreclosure rescue and mortgage modification services. The FTC actions, which affect consumers throughout the nation, are being announced in southern California, where the scams originated.

Join Florida Association of Mortgage Brokers - If you are not a member of the Florida Association of Mortgage Brokers shouldn't you join and make sure FAMB continues to work for you in Tallahassee and Washington?

Contribute to the Florida Association of Mortgage Brokers PAC - If you are already a member of the Florida Association of Mortgage Brokers shouldn't you contribute to the association's PAC and make sure FAMB continues to work for you in Tallahassee and Washington?