New guidance on HVCC

Fannie Mae has issued guidance regarding the Home Valuation Code of Conduct. The guidance includes a reminder to lenders that appraisers must have the appropriate knowledge and experience for a specific geographical location and particular type of property.

Other items in the guidance document:

  • The HVCC does not require the use of an appraisal management company (AMC)
  • Nothing in the HVCC prohibits real estate agents or brokers from contacting the appraiser about concerns or errors with the appraisal
  • Appraisers may use data from short sales and foreclosures if they deem that information appropriate for the assignment.

Updated from the Texas Associations of Realtors Weekly News Email.