The Dodd-Frank Act was signed this week eliminating the current HVCC in 90 days. HVCC is the Home Valuation Code of Conduct. It is a joint agreement between FHA (Federal Housing Authority) & Freddie Mac to bring standards to appraisal process & protect loan orginators and home buyers with genesis in 2009. new standards are schedule to be written in the next 60 days according to new reports. What does the mean for the housing market? it depends where you stand? Some independent appraisers are concerned they will be left out, if they not associated with a large lender. will the new standards assist seller and buyers with accurate apprisals? only time will tell.
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