Financial Services Committee Approves Miller Amendment to Sunset the HVCC

During this week’s House Financial Services Committee mark-up, the Committee approved an amendment offered by Congressman Miller to sunset the Home Valuation Code of Conduct (HVCC). The HVCC, a set of rules regarding home appraisals that resulted from an agreement last year between the New York Attorney General and the government-sponsored enterprises, prohibits lenders from accepting reports from appraisers selected by mortgage brokers and real estate agents. While Congressman Miller is supportive of ensuring accurate appraisals, he has repeatedly expressed concern that the HVCC has increased costs to consumers, significantly hindered a consumer’s ability to obtain legitimate and reliable appraisals, and adversely impacted small business professionals who work in the very neighborhoods where these consumers are looking to purchase homes. To address these concerns, Congressman Miller’s amendment calls on the regulators to work together on one set of standards to oversee the industry and sunset the HVCC. At the conclusion of debate, the amendment received unanimous support and passed by voice vote. During these times of economic hardship, he believes firmly we should not impose regulations that increase costs to consumers and have the potential of creating a continuation of the declining housing market.