Want to end the appraisal chaos that is negatively impacting our real estate market? Now is the time to take action and support NAR's calls for an 18 month moratorium on HVCC.
NAR President Charles McMillan participated in meetings in Washington and New York to raise NAR's concerns about the impact of the Home Valuation Code of Conduct (HVCC) on the housing market. On June 29, 2009, McMillan met with New York State Attorney General Andrew Cuomo's staff, and he met with Federal Housing Finance Agency (FHFA) Director James Lockhart and Fannie Mae CEO Mike Williams on June 30, 2009. FHFA, the Attorney General's staff and Fannie Mae are all receptive to the need for better education on and increased communication about the HVCC's impact on the appraisal process. One possibility is a joint effort with the NAR, the GSEs, the Appraisal Institute, and FHFA to issue a document similar to NAR's myths and facts HVCC flyer. FHFA Director Lockhart indicated he will consider issuing a press release clarifying issues raised by the HVCC and its implementation. Fannie Mae and Freddie Mac are considering issuing more "frequently asked questions" guidance on HVCC.
On June 25th, Representatives Childers (D-MS) and Miller (R-CA) introduced HR 3044, legislation that calls for an 18 month moratorium on HVCC.
Not only would the passing of HR 3044 help refinance and purchase and turn times but would also help displaced appraisers that have been significantly harmed by the required AMC component of HVCC. Unfortunately many industry veterans have already left when HVCC was enacted as they were simply unable to continue making a living under the enforced AMC system. It isn’t out of the real of possibility that if HR 3044 was enacted that when it ends HVCC could be completely absolved or at least re-written.
NAR is working closely with our legislators to have them co-sponsor and sign on to this legislation. Already from the Houston area we have confirmed that Congresspersons Sheila Jackson Lee, Gene Green and Ron Paul have signed on in support of the moratorium.
Contact your Member of Congress today! Click here to find out more.