With the sunset of the Home Valuation Code of Conduct (HVCC), Fannie Mae, the Federal Housing Agency (FHFA), Freddie Mac, and other key industry participants have developed The Appraiser Independence Requirements (AIR) to replace the HVCC. AIR went into effect October 15, 2010.
"The Appraiser Independence 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 revised Requirements pose no significant changes to the core principles of the HVCC and incorporate language to clarify questions that arose in the implementation of the HVCC."
FannieMae Announcement SEL-2010-14
The revised Requirements pose no significant changes to the core principles of the HVCC and incorporate language to clarify questions that arose in the implementation of the HVCC."
FannieMae Announcement SEL-2010-14