Fannie Mae says it is working with the Federal Housing Finance Agency (FHFA) to develop appraiser independence requirements that will replace the Home Valuation Code of Conduct (HVCC). The new requirements are expected to be ‘substantially similar’ to the current HVCC provisions.
Pursuant to the Dodd-Frank Act, the HVCC will sunset when interim final regulations are released to implement the appraisal independence-related provisions of the act, which is expected to occur around Oct. 21.
Fannie Mae says the revised appraiser independence requirements will be based on the company's experience under the HVCC. As part of the process to develop the revised requirements, Fannie Mae has received input from key industry participants.
SOURCE: Fannie Mae