Many of the new guidelines are similar to the Home Valuation Code of Conduct (HVCC), which has been in place since May 1, 2009 for Freddie Mac and Fannie Mae loans. Under FHA’s rules, appraisers are required to receive reasonable and customary compensation and cannot be affiliated with lending agencies. In addition, appraisers are required to have familiarity, experience, and knowledge in the geographic location of the properties being appraised, and higher standards have been adopted for the process of ordering appraisals.
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