Yesterday the Federal Housing Finance Agency (FHFA) issued the notice “Strengthening Appraiser Independence and Improving the Valuation Process” aimed at addressing misinformation being circulated on the Home Valuation Code of Conduct (HVCC). The notice states that, amongst other things, the HVCC provides for communication with appraisers about errors, additional needed information and unprofessional conduct. It also states that the use of “unqualified in-state or out-of-state appraisers, unfamiliar with local conditions, should be reported to state appraiser licensing agencies.”
At the same time, both Fannie Mae and Freddie Mac updated their Frequently Asked Questions on HVCC. Freddie Mac added more than a dozen questions to its FAQ while Fannie Mae added nine questions to their FAQ and provided updates on existing questions.