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#1716257 - 07/02/12 04:16 PM HVCC Appraisal Report Delivery Waiver
BankerChic24 Offline
Junior Member
Joined: Jul 2011
Posts: 45
Midwest
Is this disclosure required per regulation or is this something the investors require (Fannie, Freddie, etc.)?
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#1716279 - 07/02/12 04:52 PM Re: HVCC Appraisal Report Delivery Waiver BankerChic24
Mrs. Rizzo Offline
10K Club
Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
HVCC isn't in effect anymore.
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#1716929 - 07/03/12 06:59 PM Re: HVCC Appraisal Report Delivery Waiver BankerChic24
Raquel Offline
100 Club
Joined: Aug 2007
Posts: 128
Dodd Frank did eliminate HVCC; however, both Fannie Mae and Freddie Mac adopted Appraiser Independence Requirements in 10/2010 which are similar in content to many provisions of HVCC. In section III of the AIR for both, is found the requirment to provide a copy of any appraisal report at least 3 days prior to closing. This section also provides that the Borrower may waive the requirement if it is done at least 3 days prior to closing.

Section 1474 of Dodd Frank contains an amendment to Equal Credit Opportunity Act that requires a creditor to furnish a copy of an appraisal or valuation for a loan secured by a first lien on a dwelling at least 3 days prior to loan closing (also applies if application is denied, incomplete, or withdrawn). This section also provides for the applicant to waive the 3 day requirement. This is not yet effective as rules have not been written.

So for now, the appraisal waiver is in the Fannie Mae/Freddie Mac Appraiser Independence Requirements but in the future will be part of ECOA.

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