On October 15, 2010, Fannie Mae issued the above Announcement notifying its Sellers that appraisals conducted in connection with single-family mortgage loans (other than government insured or guaranteed loans) delivered to Fannie Mae, with application dates on or after October 15, 2010, must conform to the new Appraiser Independence Requirements (AIRs). In addition, the Announcement states that all conventional, single-family mortgage loans with application dates on or after May 1, 2009 must continue to comply with the Home Valuation Code of Conduct (HVCC) until November 1, 2010. This means that for the next two weeks the AIRs and the HVCC will overlap and on November 1, 2010, HVCC will no longer apply to loans with application dates on or after November 1, 2010. The Announcement states that the AIRs contain no significant changes to core principles of the HVCC and incorporate language that clarify questions regarding implementation of the HVCC. To aid you in understandng this change in appraiser requirements, we have attached the text of Announcement SEL-2010-14 (one page) and the Appraiser Independence Requirements (four pages). You may also access them at the following Fannie Mae web address: https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/
