The government sponsored enterprises (GSE), Fannie Mae and Freddie Mac, recently updated their Home Valuation Code of Conduct (HVCC) frequently asked questions (FAQ). Both GSEs state that while there may be some differences with two sets of FAQs in terms of style or structure, they present no substantive differences in interpretation or implementation of HVCC. Nor do they impose any different operational requirements. The FAQs include new questions and are also organized by subject area.
NAR has called on both GSEs to coordinate their FAQs and codify them into existing appraisal policy. In 2009, then NAR President Charles McMillan attended a series of appraisal summits sponsored by the National Association of Home Builders where he asked both GSEs to work together to ensure the FAQs are coordinated and do not result in greater confusion for stakeholders in the real estate industry.