The Home Valuation Code of Conduct has been replaced.
That disclosure came Friday from Fannie Mae in announcement SEL-2010-14.
In its place will be the Appraiser Independence Requirements.
“These updated requirements maintain the spirit and intent of the HVCC and continue to provide important protections for mortgage investors, home buyers, and the housing market,” the statement said.
The secondary lender noted that single-family loan applications with dates on or after May 1, 2009, will still be subject HVCC requirements — in addition to the new appraisal requirements — until Nov. 1 unless the Federal Reserve releases Interim Final Rules as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 before then.
In a statement last month, the Washington, D.C.-based company said the new code was developed with industry input.
