  Good article below. The HVCC was designed to stop the over evaluation of properties and arm-twisting that goes on with appraisals, but what it's done is put appraisers in areas they're not familiar with. This takes away the crucial local market knowledge that appraisers have. This knowledge is important because without it, there is no justification for EVER raising the prices in a neighborhood. ___________ By Robert Freedman, Senior Editor, REALTOR® Magazine For weeks, NAR has been getting e-mails and phone calls on problems caused by the implementation of the Home Valuation Code of Conduct. If you’re not familiar with HVCC, it’s an agreement entered into between the two secondary mortgage market companies Fannie Mae and Feddie Mac and the State of New York. The intent of the agreement is laudable: to curb the kind of inaccurate appraisals that helped fuel the housing meltdown. But HVCC has turned out to be a problem in its own right, judging from everything we’re hearing, and not just for real estate deals in New York. The two mortgage companies are applying HVCC rules to all mortgages they handle, regardless of state, so any problems with HVCC are nationwide in scope. Here’s a sample of what our researchers found: Read more
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