TopMortgage Compliance Update (1)
September 17, 2010
Fannie: Proposal for Appraiser Independence

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Overview
According to Fannie's notice on September 17, 2010, Fannie Mae is working with the Federal Housing Finance Agency (FHFA) to develop and adopt appraiser independence requirements that will replace the Home Valuation Code of Conduct (HVCC). (A synopsis of the entire text of the notice is included in this Mortgage Compliance Update).
  • Until the revised requirements are released, the existing HVCC provisions in the Fannie Mae Selling Guide continue to apply.
  • Updated requirements are expected to be substantially similar to the current provisions.
  • Fannie Mae will announce the revised appraiser independence requirements in an upcoming Selling Guide announcement.
Pursuant to the Dodd-Frank Act, HVCC requirements will sunset when interim final regulations are released to implement the appraisal independence-related provisions of the Act, which is expected to occur on or about October 21, 2010.
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Fannie Mae: New Appraiser Independence Requirements Being Developed
September 17, 2010


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