The “Code” is the result of a joint agreement made in March 2008 between Fannie Mae, Freddie Mac, the Federal Housing Finance Authority (FHFA) and the New York Attorney General’s office to adopt certain policies relating to appraisals for loans delivered to Fannie and Freddie. The Code, without geographical limitation, applies to single family (1-4 units) loans that are delivered to Fannie Mae or Freddie Mac.
Unless waived by the borrower, the Code requires lenders to ensure that borrowers are provided a copy of the appraisal report no less than 3 business days prior to closing.
The Code does not apply to loans insured or guaranteed by the federal government or to appraisals performed for loss mitigation or REO purposes, or to Broker Price Opinions.
Home Valuation Code of Conduct (HVCC)
Freddie Mac HVCC Fact Sheet
Fannie Mae HVCC FAQ