Appraisals: New Rules to an Old Real Estate Game

When President Obama signed the Dodd-Frank Act in late July, he ended the controversial Home Valuation Code of Conduct or HVCC, now set to expire in 90 days. HVCC was implemented in May 2009 by the Federal Housing Financing Agency "as an attempt to improve the independence of appraisers by prohibiting lenders and third parties from influencing appraisals, " according to HousingWire.

Understanding the effects of the Dodd-Frank Act is a key component of making sure you get your home, or the home you want to buy, appraised at a fair market price.

The importance of appraisals and their oversight and regulation have seen many changes in the past few years as the housing industry struggled to get accurate information on a home's value and ensure proper valuation. With big money involved, ensuring an appraisal is accurate and not tampered with is in the housing industry's best interest.