The Appraisal Hub

HVCC Information

In the last couple of years there have been numerous efforts to regulate the mortgage appraisal process both at the national and state levels. The most widespread regulations went into effect on May 1, 2009 with the introduction of the Home Valuation Code of Conduct or HVCC. This set of standards have been put in place to ensure appraiser independence.

At The Appraisal Hub, we ensure our systems and processes are built to be fully compliant with the HVCC regulations.

Home Valuation Code of Conduct Enhancing the independence of appraisers

The Home Valuation Code of Conduct (the Code) is the result of a joint agreement between Freddie Mac, the Federal Housing Finance Agency (FHFA), and the New York State Attorney General to enhance the independence and accuracy of the appraisal process, and provide added protections for homebuyers, mortgage investors and the housing market.

Effective Date

Effective May 1, 2009, Freddie Mac will no longer purchase mortgages from Sellers that do not adopt the Code with respect to single-family mortgages that are delivered to Freddie Mac.

Also, effective for single-family mortgages with loan application dates on or after May 1, 2009, Freddie Mac Seller/Servicers must represent and warrant that the appraisal report is obtained in a manner consistent with the Code.

The sale of the following mortgages is excluded from the representation and warranty: FHA/VA Mortgages, Section 184 Native American Mortgages, and Section 502 Guaranteed Rural Housing Mortgages. Independent Valuation Protection Institute

Freddie Mac will work with the New York State Attorney General, FHFA, Fannie Mae and other mortgage market participants regarding the Independent Valuation Protection Institute (Institute). The Institute has not yet been established, and therefore, the provisions regarding the Institute are not yet effective.

For more information

• Download the Home Valuation Code of Conduct fact sheet [PDF 96K]
• Download the Home Valuation Code of Conduct [PDF 25K]
• Review the Guide Bulletin 2009-7 [PDF 102K]
• Read our Frequently Asked Questions
• Call your Freddie Mac representative, 800-FREDDIE
• Submit a question not addressed in our FAQ, via our Seller/Servicer Home Valuation Code of Conduct Inquiry Form
• Find contact information for state appraiser licensing and certification boards

Visit The Learning Center for Home Valuation Code of Conduct training resources, including recorded webinar session.