On April 20, 2009, NAR sent a letter to Fannie Mae and Freddie Mac requesting that the Home Valuation Code of Conduct (HVCC) be delayed until May 1, 2010. Citing a host of reasons, NAR President Charles McMillan said “Stakeholders across the country will be granted sufficient time to prepare for changes to the appraisal process brought forth by the HVCC.” A copy of the letter was sent to the Federal Housing Finance Agency and NYS Attorney General Andrew Cuomo.
Some of NAR’s concerns include a lack of guidance from the government sponsored entities (GSE) since the final agreement was announced in late December 2008. NAR also noted that it is not clear who will have enforcement responsibility for HVCC and the Independent Valuation Protection Institute (IVPI) is not yet operational. Delaying the implementation of HVCC for one year will give stakeholders an opportunity to address these and other concerns outlined in the letter.
Read the letter to Freddie and Fannie.