To help enhance the integrity of the home appraisal process in the mortgage finance industry, in March 2008, Fannie Mae entered into an agreement with thier regulator, the Federal Housing Finance Agency (FHFA) (then the Office of Federal Housing Enterprise Oversight) and the New York Attorney General’s office to adopt certain policies relating to appraisals for loans delivered to them. The Home Valuation Code of Conduct became effective for single-family mortgage loans (except government-insured loans) originated on or after May 1, 2009, and delivered to Fannie Mae.

Subsequently, the HVCC was replaced by FNMA's Appraiser Independence Requirements. These requirements became effective October 21, 2010. The new requirements are largely the same as the HVCC, but there are certain differences.