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The New Home Appraisal Rules Have Adverse Effects on Both Buyers and Sellers
On May 1, 2009, a new set of rules regarding the processing of appraisals for Fannie Mae and Freddie Mac loans went into effect. The Home Valuation Code of Conduct, or HVCC as it is known, was intended to curb fraudulent mortgages. This new code was in response to an investigation conducted by Andrew Cuomo (the Attorney General for New York) into the appraisal practices of Fannie Mae and Freddie Mac (GSEs or Government Sponsored Entities). Basically, Attorney General Cuomo agreed to stop the investigation if Fannie Mae and Freddie Mac would change their appraisal process.
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What All Homeowners Need to Know About The Home Valuation Code of Conduct and It’s Adverse Effects
What does an investigation by the New York Attorney General have to do with my home appraisal in Atlanta? Well basically Andrew Cuomo was investigating the appraisal practices of the Government Sponsored Entities (GSEs), aka Fannie Mae and Freddie Mac. To get the Attorney General to stop the investigation, the Office of Federal Housing Oversight and Fannie Mae and Freddie Mac agreed to what is now called the Home Valuation Code of Conduct.
Categories: Uncategorized Tags: bali concealers, garage sales, home improvements, skills to get a boyfriend
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