10 Things You Should Know About the New Appraisal Rules

Heard of HVCC? It's not a heating and ventilation system for the home (that's HVAC), nor is it an infectious disease. HVCC is the Home Valuation Code of Conduct, a controversial set of guidelines established by Fannie Mae and Freddie Mac in May 2009. By setting up a sort of firewall between lenders and appraisers, in the form of middlemen known as appraisal management companies, they hope to prevent inflated appraisals -- and perhaps another housing bubble.

Mortgage brokers, appraisers and Realtors have been up in arms over the HVCC, but not much has been said about what it means for the average house-hunting consumer or seller. So, in that spirit, here are 10 things you should know before you appraise a home.