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Appraisal Independence Requirements
The
Appraisal Independence Requirements is part of the Dodd-Frank Financial Reform
Act signed into law by President Obama in July 2010. The requirements promulgated in this Act
replaces the Home Valuation Code of Conduct (HVCC). The Appraisal Independence Requirements is
intended to insure the independence and accuracy of the property appraisal
process.
The
Appraisal Independence Requirements applies to all real estate transactions
secured by the consumer’s principal dwelling.
The
Appraisal Independence Requirements are intended to provide enhanced
protections for homebuyers, mortgage investors and the housing market. Compliance with the Appraisal Independence
Requirements was effective October 15, 2010.
If
you need to update your Quality Control Plan with the Appraisal Independence
Requirements or a separate policy or procedure for this regulation, please call
our office at 310-330-0333 for complete details.
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