Home Valuation Code of Conduct Archive

Freddie Mac, Fannie Mae Update HVCC FAQs

The government sponsored enterprises (GSE), Fannie Mae and Freddie Mac, recently updated their Home Valuation Code of Conduct (HVCC) frequently asked questions (FAQ).  Both GSEs state that while there may be some differences with two sets of FAQs in...

HVCC Update – from Boston, MA

Sam Schneiderman writes in Boston.com on his opinion of the Home Valuation Code of Conduct (HVCC) six months after it was implemented. In his review, Mr. Schneiderman discusses many of the concerns expressed by the National Association of Realtors...
December 1, 2009

HR 3126 Passes House Committee with HVCC Amendment

On October 22, 2009, HR 3126, the “Consumer Financial Protection Act of 2009,” passed the House Financial Services Committee with an amendment that will ultimately sunset the Home Valuation Code of Conduct (HVCC). The amendment was offered by Representative...
October 23, 2009

Freddie Notes Improvements since HVCC Implementation

The National Mortgage News is reporting that Freddie Mac is noting a “tangible improvement in the quality of appraisals of loans it buys” since having implemented the Home Valuation Code of Conduct (HVCC). The appraisals are compared against an...
October 20, 2009

FHA Appraisal Rules: Benefits of HVCC Without the Unintended Consequences?

National Mortgage News reports that the new Federal Housing Administration (FHA) appraisal rules may make HVCC – and appraisal management companies (AMC) – easier to cope with in the industry. While noting that the intent of HVCC was to...

Angie Questions Benefits of HVCC

Angie’s List Magazine published an article this past weekend expressing concerns with the Home Valuation Code of Conduct (HVCC). The article focuses on the impacts to the consumer, particularly around geographic competency and the increasing cost of the appraisal....
October 6, 2009

FHA Enhances Credit Policies, Includes Appraisal Enhancements

Federal Housing Administration (FHA) Commissioner David H. Stevens announced plans to implement credit policy changes that will enhance the agency’s risk management functions. FHA will hire a Chief Risk Officer for the first time in the FHA’s history. Commissioner...
September 18, 2009

Appraisal Institute Updates

The Appraisal Institute (AI) recently announced updates to its HVCC Myths & Realities and Appraiser Independence Manual. “The updates clarify that appraisers are not required to provide lenders with certification that an appraisal was completed in compliance with the...
September 10, 2009

HVCC In the News – Carmicheal, CA

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August 31, 2009

AI Comments on Geographic Competency Issue

Jim Amorin, President of the Appraisal Institute, commented on appraisers who may be violating the Uniform Standards of Professional Appraisal Practice (USPAP) or other professional and ethical standards of appraisers. Mr. Amorin’s comments focused on geographic competency – an...
August 26, 2009