Home Valuation Code of Conduct: Background/Advocacy
On December 23, 2008, New York State Attorney General Andrew M. Cuomo, Fannie Mae and Freddie Mac (government sponsored enterprises) announced the final agreement of the Home Valuation Code of Conduct (HVCC). The NAR Appraisal Committee discussed the agreement and decided against adopting a formal policy position. However, during the comment period, the Appraisal Committee did provide feedback for a letter drafted to Fannie May and Freddie Mac. The letter was submitted to both GSEs on April 20, 2008.
NAR adopted policy on appraisal management companies (AMCs) at the 2009 Midyear Meetings. NAR supports the empowerment of federal mortgage regulators to adopt standards for AMCs and to promulgate licensing requirements of AMCs to the states through the Financial Institutions Reform and Recover Enforcement Act (FIRREA) and other related legislation.
NAR will host a forum at the 2009 Annual Convention in San Diego on November 13, 2009 at 12:30pm. Visit the link below for more information.
Managing the Risks and Opportunities of the New Home Valuation Code of Conduct (HVCC):
A Joint Risk Management & License Law Forum and Regulatory Issues Forum
