"HVCC" - The Home Valuation Code of Conduct- May 1, 2009
On May 1, 2009 the national rules for real estate appraisals changed dramatically for lenders who want to sell their loans to Fannie Mae and Freddie Mac, which accounts for the 70% of today’s loan applications.
Lenders will have to adopt what's known as the "HVCC" - the home valuation code of conduct - and guarantee that every loan they sell to Fannie or Freddie complies with the code completely.
The new code will ban mortgage brokers from ordering appraisals, and will push much of the business to third-party appraisal management companies, eliminating the relationships that existed between mortgage lenders and home appraisers.
Those management firms, in turn, select appraisers from their own networks, leaving many of the appraisers out of the loop.
For more information on “HVCC" visit the links below:
Street Links
RESPA Lawyer
FannieMae
Below is a video with an overview:
For More Information, visit my website below:
Maui Island Estates
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