HOME VALUATION CODE OF CONDUCT (HVCC)
The Federal Housing Finance Agency (FHFA) recently announced the revised and complete Home Valuation Code of Conduct (HVCC), to be effective May 1, 2009.
According to the FHFA news release on December 23, 2008:
“The revised Code builds on existing Fannie Mae and Freddie Mac seller-servicer guidelines to increase the reliability of appraisals for loans sold to the Enterprises for their portfolios or for securitization. The Code applies to lenders that sell single-family mortgage loans to the Enterprises beginning May 1, 2009 and will help assure that borrowers, homebuyers and secondary mortgage market investors receive fair and independent property valuations.”
This legislation is causing significant waves across the industry, necessitating major protocol and procedure changes for lenders and appraisers alike. Simply put: for many, it’s a logistical headache.
ADI stands ready to make your life a whole lot easier — offering a completely HVCC compliant valuation solution. In fact, we’ve already been adhering to strict quality control and ethical guidelines for years.
Ensure Easy, Worry-Free HVCC Compliance with ADI’s ValuTrac Appraisal Manager:
• Complete Handling of Appraiser Engagement & Communication
• Integrated Appraiser Independence Safeguards
• Prevention of Improper Influences on Appraisers
• Expert Appraisal Quality Control
• Written Representations and Warranties (All Appraisals Valu-Guard Certified)
If you have questions about the HVCC or need additional information on how to become compliant, contact us at 1-866-691-4313 or email compliance@appraisersdirect.com
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HVCC Resources |
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The sale of the following mortgages is excluded from the representation and warranty: FHA/VA Mortgages, Section 184 Native American Mortgages, and Section 502 Guaranteed Rural Housing Mortgages.
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