NAIHP sends outline exposing the unintentional consequences of HVCC

by 12 Apr 2012

( -- As a follow up to a meeting between Marc Savitt of NAIHP and Richard Cordray of the CFPB held January 26, 2012, The National Association of Independent Housing Professionals has formally sent a letter to Richard Cordray, Director of the Consumer Financial Protection Bureau, outlining and exposing unintentional consequences created by HVCC and the Interim Rule on Appraiser Independence.

HVCC was enacted mainly due to an "investigation of a federally chartered bank and an unregulated appraisal management company" which "revealed conflicts of interest and the influencing of appraisers to fraudulently inflate values on real estate" says Marc Savitt.

NAIHP outlines and submits proof on how HVCC is wrong for the consumer and is wrong for the industry as a whole.

Savitt also argues that The Interim Rule on Appraiser independence was created on the back of HVCC, which is also inherently flawed based on this creative process.

Read full letter and outline:  NAIHP Letter to Cordray (pdf)


Should CFPB have more supervision over credit agencies?