The National Association of Mortgage Brokers (NAMB), with the support of Baker & Hostetler LLP, filed a lawsuit today with the United States District Court for the District of Columbia against the Federal Housing Finance Agency (FHFA) Director James B. Lockhart over the controversial Home Valuation Code of Conduct (HVCC) included in the appraisal agreements between the FHFA, Fannie Mae and Freddie Mac (GSEs), and New York Attorney General Andrew Cuomo.

“The HVCC does nothing but drive up costs for consumers and push small businesses out of the market,” said NAMB President, Marc Savitt. “The HVCC will drastically reduce the ability of mortgage brokers to provide consumers with an efficient and cost-effective means of obtaining a mortgage.”

Follow the discussion about this issue on our Appraiser's Corner forum or post your comments below.


kuuner at 22:41 2009-02-24 said:
For once, useless NAMB actually took a position in favor of the broker. I am just happy to see this membership organization get off their butts. I get a bit jealous at the strength of NAR and their commitment to their members when our industry could be every bit as powerful with a similar effort but NO...NAMB only cares about their annual Vegas trade show. Permalink
WholesaleAEinPA at 00:56 2009-02-26 said:
Wells Fargo Wholesale has been enforcing this since January. I was looking forward to other wholesale lenders needing to abide by this on May 1. We'll see if NAMB has any weight. Permalink

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