Success! Change is on its way.

Rep. Barney Frank (D-MA) will be ushering most of the financial reform bills through the House this fall.

Step one in the process to amending HVCC has been passed and approved. The president of the National Association of Mortgage Broker’s, Jim Pair, announced today that the first step in amending the Home Valuation Code of Conduct was passed with the House Financial Services Committee. The amendment was attached to HR 3126, better known as Consumer Financial Protection Agency Act of 2009, and states that within or by the end of the 60-day period (after passage of the bill) that Mortgage Broker’s and Mortgage Originators can order the appraisal. This in essence could possibly put an end HVCC as we know it and to Appraisal Management Companies.

Within the next week or so, sources believe that the bill will be voted upon in the House and then sent onto the Senate. Passage does not mean that procedures and regulations will revert to the way they were prior to HVCC. Obviously, changes were needed to address the problems associated with the housing bubble and the current situation as we know it today.

Stay tuned . . . we here at The Chicago77 will keep you posted on the latest news.

We would like to thank Mutant-Thumb for sharing today?s photo via the Creative Commons License.