The Home Valuation Code of Conduct (HVCC), although opposed by virtually all industry groups, has been moving forward without any significant resistance. If the new regulation is not stopped, effective May 1, 2009, mortgage brokers will no longer be able to order appraisals or have any contact with the appraiser on their transactions. This new regulation would have significant unintended consequences in the real estate industry in general, and would be devastating to mortgage brokers. At our information-packed lunch meeting, you will learn the following:
* The Wholesale Lender Perspective - Everbank Wholesale Lending, DFWAMB sponsor and one of the true “broker friendly” lenders, will share their position on the HVCC and what procedures they are putting in place if/when it goes into effect.
* The Appraiser Perspective - Long-time Dallas appraiser, Mark Bond, will discuss how the HVCC impacts his industry, from appraisal management companies to fee splitting to the “notalking relationship” with mortgage brokers and Realtors.
* NAMB’s Pending Lawsuit - Word on the street is that NAMB will take legal and legislative action to stop the HVCC. DFWAMB completely supports these efforts and will give you the current status.
* DFWAMB’s Legal Opinion - Tom Kapioltas will discuss the merits (or lack thereof) of the HVCC regulation.
* Other Federal Agency Plans which could trump the HVCC and do not cut mortgage brokers out of the process.
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