Andrew Cuomo

Mortgage Industry Says Appraisal Rules Cost Consumers Billions

The National Association of Mortgage Brokers says new appraisal rules will cost consumers at least $2.8 billion in extra fees created by long delays (extended lock-in fees) and higher appraisal costs. New appraisal rules, called the Home Valuation Code of Conduct (HVCC), prevent loan originators from talking to appraisers. Here’s NAMB’s full memo on the