Richard's Real Estate Thoughts: NAMB reports HVCC reaction from Congress

NAMB had earlier withdrawn its lawsuit against the imminent changes to the appraisal ordering process. Last week it issued a "call to action" for mortgage brokers to contact their congressional representative to delay implementation of this disasterous requirement.

It has always seemed odd to me that the parties that were involved in the original law suit that brough about this settlement were representatives of the very entities that will now be trusted to protect against appraisal fraud: lenders and appraisal management companies.

Here is a copy of the original settlement announcement. For those who follow such things, it should not come as a surprise that Senator Schumer is headlined as praising this agreement. 

There are numerous blogs and articles pronouncing the harm that this new requirement will cause: increasing expense, decreasing choice, producing appraisals, and creating additional loan processing delays.

I just think that we need no additional drags on the housing recovery.

Does anyone besides the AMC's and AG Cuomo that think this is a good move?

From my view the likelihood that congress will move to stop this action is about the same as the likelihood that they will reinstate FHA down payment assistance. The NAMB announcement today though says, "there has been significant bipartisan movement" in Congress to delay the implementation of HVCC.

Here is the link to the NAMB site location to find your congressional representative to give you opinion for or against the HVCC changes.