What We're Hearing

It's been almost a week since the 'Home Valuation Code of Conduct' (HVCC) became the law of the land for GSE loans. And just how are loan brokers reacting? Let's just say they're not happy -- and that's putting it nicely. This comes from a Connecticut-based mortgage broker: "We are not operating on a level playing field. Processors at mortgage banking firms are allowed to interact with appraisers. It is only brokers who are cut off entirely. There are mortgage banking firms out there who are actively and aggressively now recruiting LOs from brokers, saying they do not have to comply with HVCC. What a mess!" In case you're wondering, the brokerage community won't be sending any campaign donations to New York AG Andrew Cuomo when he runs for governor. You might say Mr. Cuomo is persona-non-grata in the industry. Then again, I'm sure the AG isn't losing any sleep over the matter…