Compliance Blog

Apr 09, 2009

Home Valuation Code of Conduct; Whoops!

You may have heard about the Home Valuation Code of Conduct (HVCC).  For credit unions that do mortgage lending, this is a big deal.  Well, here's some help.

  • Fannie Mae has put together a very nice HVCC resource page.  Access it here.  It has an FAQ, the HVCC itself, and some Fannie-related guidance.  (OK, that last phrase sounds funny.)  Seriously, though - this is a very good source of HVCC information.
  • NAFCU is also offering an HVCC/Appraisal webcast later this month.  Read all about it here.   We put together a nice line-up.  We have someone from NCUA's Examination and Insurance side, a person from NCUA's Office of General Counsel, an expert from Fannie Mae, and an expert from the appraisal industry.  I can't imagine a better panel to address the changes.

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Yesterday's post on preemption had a dead hyperlink.  Use this link to access NCUA's recent legal opinion letter, which indicates that NCUA's regulations preempt a New York State law that attempts to limit insurance-related activities at federal credit unions.  I apologize for any inconvenience.