Posted on in Mortgage Regulation
Our good friends at IMMAAG reported today that FHA has enacted a similar appraisal management process to the much maligned & ill-conceived HVCC regulation that has added layers of complexity and cost to conventional (FNMA, FHLMC) mortgage financing. Excerpts from IMMAAG’s most recent alert: It is no secret that IMMAAG has opposed HVCC since the first time we had a chance to read the agreement and the code. We continue to share the belief with thousands of others who now know – HVCC was a poorly conceived, misdirected, inappropriate response to circumstances that were not the result of the causes identified by the New York Attorney General. For months, IMMAAG has joined others in the industry in advocating grass roots action to tell Congress about the real problems caused by this policy. We have been suggesting to everyone with whom we communicate to ask their congressional representatives to co-sponsor H.R. 3044, the moratorium bill. During all of this, there have […]
by jberman