Land of Sky Chapter of NCPAC

Land of Sky Chapter of the North Carolina Professional Appraisers Coalition

Check out this proposed legislation... it is interesting.

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HVCC Amendment Drafted for Senate Bill


Senator Bob Casey of PA has drafted Senate Amendment 4007, which adds Appraiser Independence language to the Restoring American Financial Stability Act of
2010, including language that would in effect do away with the HVCC.


The amendment was introduced on May 13th, 2010.


Click here to read the relevant pages


Click here to read the full bill. Hint: search for appraisal and appraisers


 

SEC. 1117. APPRAISAL INDEPENDENCE REQUIREMENTS.


(b) CERTAIN REGULATION REQUIREMENTS.-


Regulations promulgated by the Negotiated


Rulemaking Committee under this section-


(1) shall not prohibit lenders, the Federal


National Mortgage Association, or the Federal


Home Loan Mortgage Corporation from


accepting any appraisal report completed by


an appraiser selected, retained, or compensated


in any manner by a mortgage loan


originator


Click here to see what the TBWS guys say


http://www.thinkbigworksmall.com/mypage/player/tbws/28912/1634453


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