HVCC

(redirected from Home Valuation Code of Conduct)
AcronymDefinition
HVCCHome Valuation Code of Conduct (mortgage and appraisal industry)
HVCCHudson Valley Community College
HVCCHidden Valley Country Club (Salt Lake City, UT)
HVCCHigh-Voltage Ceramic Capacitor
HVCCHigh Velocity Canister Cartridge
HVCCHappy Valley Cricket Club (Adelaide, South Australia)
HVCCHigh Velocity Continuous Combustion (spray process used to deposit high quality metal coatings)
HVCCHunter Valley Cultural Consultants (Australia)
References in periodicals archive ?
The change started with the Home Valuation Code of Conduct (HVCC) in 2008, which legitimized appraisal management companies (AMCs) as a dominant provider of valuation solutions within the mortgage lending industry.
The Home Valuation Code of Conduct, adopted in 2009, ensures that Freddie Mac will no longer guarantee mortgages unless the underlying appraisal met strict criteria for independence.
The Home Valuation Code of Conduct that was implemented in May 2009 had a significant impact on the ordering of residential real estate appraisals.
The UAD comes on the heels of previous legislation that many insiders have perceived as detrimental to the residential appraisal industry, such as the federal Home Valuation Code of Conduct. Passed in 2008, HVCC was intended to prevent lenders and third parties from influencing appraisals -- it essentially prohibited stakeholders in a deal from selecting appraisers.
Following the introduction of the Home Valuation Code of Conduct, appraisal management companies' influence grew, and Vandeveer was persuaded by colleagues that it was in the public's interest to require AMCs to be licensed.
As a consequence of the Home Valuation Code of Conduct (HVCC), required for any loan backed by Fannie Mae or Freddie Mac, many lenders have resorted to AMCs, but the cure has been worse than the disease, says CJ Coury, Vice President and Mortgage Branch Manager for HomeBanc.
Enacted on July 21, 2010, the act requires us to study the effectiveness and impact of options for selecting appraisers, different valuation methods, and the Home Valuation Code of Conduct (HVCC), which was designed to enhance appraiser independence.
The system gives lenders the freedom to run their appraisal process in the way that works best for them, while staying compliant with the Home Valuation Code of Conduct (HVCC), FHA Appraiser Independence, and other guidelines.
For more information about the Home Valuation Code of Conduct, visit Fannie Mae's appraiser page at https://www.efanniemae.com/is/appraisers/index.jsp, which includes a recorded HVCC webinar, or consult Freddie Mac's HVCC FAQs at www.freddiemac.com/singlefamily/hvcc_faq.html.
The Home Valuation Code of Conduct (HVCC) is a new part of the Fannie Mae and Freddie Mac Selling Guides.
The Home Valuation Code of Conduct (HVCC), as the agreement is known, prohibits lenders, brokers and banks from talking directly to appraisers to prevent them from pressuring appraisers over home values.
Appraisers have complained that with the growth of appraisal management companies since the Home Valuation Code of Conduct's implementation in May 2009, they have experienced sharply reduced fees from AMCs.