On July 22, 2009, the Federal Housing Finance Agency (FHFA) released a notice on the Home Valuation Code of Conduct (HVCC). The purpose of the notice is to clarify some misconceptions around the HVCC. The notice stressed that the Code provides for communications with appraisers about errors, additional needed information and unprofessional conduct. At the same time, Fannie Mae and Freddie Mac updated their Frequently Asked Questions for HVCC.
NAR President Charles McMillan said the FHFA notice and updated FAQs by Fannie Mae and Freddie Mac are a good first step in addressing concerns with the HVCC but more needs to be done. Mr. McMillan said "our members were experiencing delayed and lost sales because of poor appraisals conducted often by inexperienced appraisers who were not familiar with the area." NAR continues to call for an 18-month moratorium to further address the unintended consequences of the HVCC.
NAR's HVCC Page
