Appraiser independence requirements being developed to replace the Home Valuation Code of Conduct will go into effect next month.
That disclosure was made Friday by the Federal National Mortgage Association.
According to a selling notice, Fannie Mae is working with its regulator, the Federal Housing Finance Agency, to replace the code.
The secondary lender said the new policy is being developed with input from key industry participants.
“Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, HVCC will sunset when interim final regulations are released to implement the appraisal independence-related provisions of the act,” Fannie said. “Updated requirements are expected to be substantially similar to the current provisions.”
The Washington, D.C.-based company noted that revisions will continue to protect borrowers, investors and the housing market.
The act’s provisions are expected to be implemented around Oct. 21 and unveiled in an upcoming selling guide announcement.
