Yesterday, October 22, 2009, the House Financial Services Committee  passed an amendment offered by Rep. Gary Miller (R-CA) that could put an end to the problems brought about by the HVCC (Home Valuation Code of Conduct). If the Bill passes in the House and then the Senate, mortgage brokers will once again be allowed to pick appraisers when underwriting loans for real estate mortgages.

“While I am supportive of ensuring accurate appraisals, I have repeatedly expressed concern that the HVCC has potential to increase costs to consumers, significantly hinder a consumer’s ability to obtain legitimate and reliable appraisals, and adversely impact small business professionals who work in the very neighborhoods where these consumers are looking to purchase homes,” said Congressman Miller. “In fact,since the implementation of the HVCC on May 1, there are numerous examples of higher costs for appraisals, poor service, the inability to use one appraisal for more than one lender, questionable quality of appraisals, and the inability to make corrections to inaccurate information on an appraisal report.”

Support The Ongoing Stabilization of Our Markets. Request the Permanent Reversal of HVCC!

Join with over 103,000 people who have already contacted the New York Attorney General, Fannie Mae, Freddie Mac, and the Office of Federal Housing Enterprise Oversight.