NAMB Issues Statement on Mortgage Appraisal Agreement

03/03/2008

7900 Westpark Drive, Suite T-309, McLean, VA 22102   (703) 342-5900   http://www.namb.org/

Press Release              Contact: Jodi Greenblatt
                    (703) 342-5852

NAMB Issues Statement on Mortgage Appraisal Agreement

McLean, Va. – March 3, 2008 –  In response to the agreements reached by the Office of Federal Housing Enterprise Oversight (OFHEO), the Government Sponsored Enterprises (GSEs), Freddie Mac and Fannie Mae and New York State Attorney General Andrew Cuomo with regard to mortgage appraisal fraud, the National Association of Mortgage Brokers (NAMB) today issued the following statement from NAMB Executive Vice President Roy DeLoach:
                                                                                                           
“These agreements amount to a de facto regulatory action by OFHEO which avoids the appropriate process.  The law provides for a process to implement regulatory and policy changes such as those contemplated and specified in these agreements. These agreements will increase costs to consumers by removing thousands of small business competitors from the marketplace. They will create a severe disadvantage to small business mortgage brokers, and prevent them from engaging competitively in the mortgage marketplace. NAMB is committed to serving the public and promoting the interests of consumers. As always, we are ready to work with these agencies to achieve the objective of eliminating appraisal fraud without disrupting the marketplace or hurting consumers. As it stands now, the National Association of Mortgage Brokers intends to consult with our legal advisors and to take appropriate legal action if necessary.”

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The National Association of Mortgage Brokers is the voice of the mortgage broker industry with more than 25,000 members in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage broker industry, which originates over 50% of all residential loans in the United States.

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NAMB - NAMB

NAMB Issues Statement on Mortgage Appraisal Agreement

03/03/2008

7900 Westpark Drive, Suite T-309, McLean, VA 22102   (703) 342-5900   http://www.namb.org/

Press Release              Contact: Jodi Greenblatt
                    (703) 342-5852

NAMB Issues Statement on Mortgage Appraisal Agreement

McLean, Va. – March 3, 2008 –  In response to the agreements reached by the Office of Federal Housing Enterprise Oversight (OFHEO), the Government Sponsored Enterprises (GSEs), Freddie Mac and Fannie Mae and New York State Attorney General Andrew Cuomo with regard to mortgage appraisal fraud, the National Association of Mortgage Brokers (NAMB) today issued the following statement from NAMB Executive Vice President Roy DeLoach:
                                                                                                           
“These agreements amount to a de facto regulatory action by OFHEO which avoids the appropriate process.  The law provides for a process to implement regulatory and policy changes such as those contemplated and specified in these agreements. These agreements will increase costs to consumers by removing thousands of small business competitors from the marketplace. They will create a severe disadvantage to small business mortgage brokers, and prevent them from engaging competitively in the mortgage marketplace. NAMB is committed to serving the public and promoting the interests of consumers. As always, we are ready to work with these agencies to achieve the objective of eliminating appraisal fraud without disrupting the marketplace or hurting consumers. As it stands now, the National Association of Mortgage Brokers intends to consult with our legal advisors and to take appropriate legal action if necessary.”

###

The National Association of Mortgage Brokers is the voice of the mortgage broker industry with more than 25,000 members in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage broker industry, which originates over 50% of all residential loans in the United States.

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Forgot Password?

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