Timing of Mortgage Loan Disclosure Statements and Appraisal Reports: Truth in Lending and the HVCC

The Home Valuation Code of Conduct (HVCC) adopted by Fannie Mae and Freddie Mac as of May 1, 2009, requires that a copy of the appraisal ordered by the lender must be given to the borrower at least three business days prior to the closing. The requirement can be waived by the borrower. Under HVCC, real estate agents and brokers may not select, retain or compensate in any manner an appraiser providing an appraisal to the lender.

Read Hartzler’s full memorandum regarding Truth in Lending and HVCC.