Home Valuation Code of Conduct (HVCC)

SettlementOne's compliance department actively monitors newly released regulations affecting banking institutions and credit unions, such as the HVCC and Interagency Appraisal and Evaluation Guidelines. The HVCC and the Guidelines specifically address appraiser independence, precluding anyone in loan production from the appraisal process. SettlementOne understands the importance of maintaining partnerships and has developed a HVCC compliant appraisal process that allows you to retain trusted appraisers, while meeting all regulatory standards.

HVCC Rules Overview
Fannie Mae and Freddie Mac will implement the Home Valuation Code of Conduct (HVCC) which became effective May 1, 2009.

Significant changes in appraisal practices are required to meet the Code, such as:

SettlementOne National Appraisal Advantage
Independent Appraisal Selection

Submit your list of trusted appraisers into our appraisal management system Retain partnerships while maintaining compliance to the HVCC and the Guidelines

Quality Control

Receive Quality Control testing on 10% of appraisals Obtain a quarterly report summary with backup data for submission to Fannie Mae      and/or Freddie Mac

Hotline Notification

Appraisers in rotation are contacted on your behalf and provided the required hotline notification Every appraisal returned to the system requires a hotline notification to the borrower

Technology

Order directly from a previously pulled credit report, no double data entry Online transaction monitoring

FHFA Press Release
The Federal Housing Finance Agency (FHFA)announced implementation of Home Valuation Code of Conduct (HVCC).

HVCC Overview
Click here for a one-page overview of the HVCC, which focuses on the regulatory impact to lending institutions.

HVCC
Download the complete, revised version of the HVCC from the Office of Federal Housing Enterprise and Oversight (OFHEO).

HVCC Q&A
For more information on how the HVCC affects your lending institution, SettlementOne has created a Q & A that covers the most commonly asked questions surrounding the new regulations.

Interagency Appraisal and Evaluation Guidelines
Download the complete Interagency Appraisal and Evaluation Guidelines, jointly issued by the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) and the National Credit Union Administration (NCUA).