appraisal: HVCC and It's Influence on Today's Appraisal Standards
- 09/04/11 06:59 AM
The Home Valuation Code of Conduct (HVCC) was implemented in May 1, 2009 by the Federal Housing Finance Agency (FHFA). It was designed as an attempt to improve the independence of appraisers. It contained provisions that prohibit lenders and third parties from influencing appraisals to arrive at a certain value. According to NAR, the HVCC establishes standards on solicitation, selection, compensation, conflicts of interest and appraiser independence. Mortgage brokers and real estate agents are prohibited from selecting appraisers. Lenders are permitted to use “in house” staff appraisers to conduct appraisals. However, the loan production staff is prohibited from: 1) Selecting, retaining, recommending, or influencing the (8 comments)
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