Federal Reserve replaces HVCC

The Federal Reserve issued an interim final rule seeking to establish real estate appraiser independence and replacing the Home Valuation Code of Conduct.

When President Obama signed the Dodd-Frank bill into law in July, regulators had 90 days to write new rules replacing the HVCC. The new rules released Monday by the Fed are optional until April 1, 2011. For the next 60 days the Federal Reserve will be taking comments over the new rule found here.

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