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HVCC IS DEAD! LONG LIVE THE HVCC!

Published October 17th, 2010 by Unknown

So, the business agreement (not a law) that was known as the Home Valuation Code of Conduct is sunsetting this month.

In response to this sunsetting, Fannie Mae has developed their own appraiser independence requirements to take it's place and is essentially the same as the HVCC. The new requirements are clearer to read and understand. The rules still prohibit anyone who receives commission from a loan from ordering an appraisal. It does not prohibit mortgage company staff from ordering appraisals as long as there are rules/firewall in place that sperate those originating loans from those ordering appraisals.

Here's the link to the new Fannie Mae requirements.

HTTPS://WWW.EFANNIEMAE.COM/SF/GUIDES/SSG/RELATEDSELLINGINFO/APPCODE/PDF/AIR.PDF

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