What is HVCC – Home Valuation Code of Conduct?
It is a new policy adopted by Fannie Mae and Freddie Mac to protect the integrity of the appraisal process. Basically what it does is to shift the appraisal process from the broker or lender to an independent Appraisal Management Company. The purpose is to eliminate any influence on the part of the lender or broker. It also requires a copy of the appraisal to be mailed to the client at least 3 days prior to funding. Lenders are requiring a sign affidavit from the borrowers that they received the appraisal.
