Home Valuation Code of Conduct

If you want to buy a home or refinance your mortgage, you might not be all that concerned about how your lender selects the appraiser who figures out how much your home is worth. But new rules intended to reduce appraisal fraud and curtail undue pressure on appraisers could have some dramatic repercussions for homebuyers and homeowners. Proponents say the new rules will result in more-reliable appraisals, less fraud, lower costs and minimal disruption. But critics expect less-accurate appraisals, delays in loan processing, higher costs and general misery for all concerned. At issue is the "Home Valuation Code of Conduct," or HVCC, a four-page document that outlines appraisal-related practices to which lenders must adhere with respect to so-called "conventional" or "conforming" loans that they want to sell to Fannie Mae or Freddie Mac. The code became effective May 1.

Click here to enter the Tampa Realtors MLS (updated daily)
Register to receive an email every morning of today's new listings
Visit my website or contact me by email