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Home Valuation Code of ConductEnhancing the independence of appraisers

Updated October 1, 2009

The Home Valuation Code of Conduct (the Code) is the result of a joint agreement between Freddie Mac, the Federal Housing Finance Agency (FHFA), and the New York State Attorney General to enhance the independence and accuracy of the appraisal process, and provide added protections for homebuyers, mortgage investors and the housing market.

Effective Date

Effective May 1, 2009, Freddie Mac will no longer purchase mortgages from Sellers that do not adopt the Code with respect to single-family mortgages that are delivered to Freddie Mac.

Also, effective for single-family mortgages with loan application dates on or after May 1, 2009, Freddie Mac Seller/Servicers must represent and warrant that the appraisal report is obtained in a manner consistent with the Code.

The sale of the following mortgages is excluded from the representation and warranty: FHA/VA Mortgages, Section 184 Native American Mortgages, and Section 502 Guaranteed Rural Housing Mortgages.

Independent Valuation Protection Institute

We are working with the New York State Attorney General, FHFA and Fannie Mae to develop the Independent Valuation Protection Institute (Institute).The Institute will offer, among other services, a method for receiving complaints related to non-compliance with the Code.

Until the Institute is established, the provisions in the Code related to the Institute are not effective.

For more information

Training Opportunities

Visit The Learning Center for Home Valuation Code of Conduct training resources, including our recorded webinar session.

© 2010 Freddie Mac

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