Here's some news you might be interested in: News from http://www.mortgagenewsdaily.com
HVCC Phase out? Generally speaking, mortgage folks are a pretty optimistic bunch, although "trust but verify" is an approach that many use in their business lives. It turns out that the HVCC, which has good intentions but arguably poor implementation and ramifications, could be on its way out. The House Financial Services Committee has just passed an amendment to the Consumer Financial Protection Agency Act to phase it out, and allow all loan originators, licensed or registered in accordance with the SAFE Mortgage Licensing Act, to order appraisals directly. H.R. 3126 is the number of this bill. Although this is just a committee vote, and still has a long way to go, it is a "first step" the Consumer Financial Protection Agency Act is expected to be merged with a number of other regulatory reform bills before moving to the House floor for a vote, and any differences must be ironed out within the House and then with any Senate versions before going to the President.
From what I understand the HVCC is a 2 year agreement, scheduled to expire in 2010. Question is; what happens when it expires. Does everything go back to the way it was?