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Immediate Action Required! The Title/Appraisal Vendor Management Association (TAVMA) has issued a press release refuting NAMB’s position that the Home Valuation Code of Conduct (HVCC) is detrimental to both consumers and small businesses. The group asserts that there is no tangible evidence that appraisal management companies (AMCs) are a part of the problem. A copy of the TAVMA press release can be found below. |
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To: All Mortgage Brokers, Real Estate Agents, Appraisers, Lenders, Home Builders, Title Agents, and Consumers
From: Marc Savitt, President- National Association of Mortgage Brokers After more than a year of exhaustive negotiations with Fannie Mae, Freddie Mac, Director of FHFA (GSE Regulator) James Lockhart, and NY Attorney General Andrew Cuomo, NAMB believes the time has come for your individual voice to be heard. |
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On Tuesday, April 28, 2009, the House Financial Services Committee voted in favor of attaching an amendment to H.R. 1728, “The Mortgage Reform and Anti-Predatory Lending Act of 2009” that would withdraw the Final RESPA Rule. The amendment, offered by Representative Judy Biggert (R-IL) and Representative Ruben Hinojosa (D-TX), stated that the Department of Housing and Urban Development (HUD) should work in conjunction with the Federal Reserve Board (Board) to develop and issue a new rule to address simplifying the mortgage process within six months of the passage of H.R. 1728. This is a victory for NAMB as we have requested that HUD withdraw the RESPA Rule and work together with the Board to simplify the mortgage process in our comment letters, calls to action, and communications to Congress. H.R. 1728 is tentatively scheduled to be voted upon by the full House of Representatives on May 7, 2009. |
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Dear NAMB Member:
This is a Call to Action! Please contact your Senators and Representatives TODAY and urge them to STOP or DELAY (for at least 12 months) the implementation of the Home Valuation Code of Conduct (“HVCC”) which is de facto regulation, forced on Freddie Mac and Fannie Mae by New York Attorney General Cuomo.
Below is a list of key talking points to bring to the attention of your legislators. Please contact your legislators today at their in-district offices, as Congress is currently in recess. You can access the contact information for your legislator here. We encourage you to keep trying to contact them if you are not initially successful. It is vital to the overall effectiveness of this call. Please forward this email to your mortgage broker and appraiser contacts. |
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Insider Viewpoints by Roy DeLoach, Chief Executive Officer, NAMB By May 1, 2009, mortgage brokers are required to be in compliance with the Identity Theft Red Flags & Address Discrepancies Final Rule (Red Flags Rule) under the FACT Act. The Red Flags Rule requires you to have a written Identity Theft Prevention Program implemented in your office, as well as provide identity theft detection training for your employees. NAMB Summary – Red Flag Rule |
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