HVCC News!

We have all no doubt already run into flaws with the HVCC Legislation already in place. I know I have. I could go on and on about my views, but I wanted to report that some new legislation has been introduced. Now this isn't in effect yet, but there has been enough fight by the NAMB and NAR that people are starting to take notice. Representatives Childers (D-MS) and Miller (R-CA) introduced legislation requesting an 18 month moratorium. This will be great and hopefully this will allow enough time for either the kinks to be worked out or the HVCC in its original form scrapped altogether. The HVCC was put into place for good reason. However, the problem is that it was rushed and the full ramifications were not thought out. NAMB President Marc Savitt was quoted as follows

"In the period of time since its implementation, the HVCC has increased costs to consumers and decreased the quality of appraisals and has provided a lever of uncertainty in an ailing housing market. Tens of thousands of consumers have already been robbed of their opportunity to enjoy historically low rates by Attorney General Andrew Cuomo's rule."

You can view the full NAMB press release here.
Everyone keep your fingers crossed and hopefully this will get done!

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