The Impact of the Home Valuation Code of Conduct on Appraisal and Mortgage Outcomes
研究了房屋估值行为准则（HVCC）对评估准确性和抵押贷款结果的影响，发现该准则降低了估值虚高的概率，但增加了低估值的发生率，并在房价暴跌期间使购房贷款更难获得。
The accuracy of appraisals came into scrutiny during the housing crisis, and a set of policies and regulations was adopted to address the conflict‐of‐interest issues in the appraisal practices. In response to an investigation by the New York State Attorney General's office, the Home Valuation Code of Conduct (HVCC) was agreed to by Fannie Mae, Freddie Mac and the Federal Housing Finance Agency. Using unique data sets that contain both approved and nonapproved mortgage applications, this study provides an empirical examination of the impact of the HVCC on appraisal and mortgage outcomes. The results suggest that the HVCC has led to a reduction in the probability of inflated valuations, although valuations remained on average inflated, and induced a significant increase in the incidence of low appraisals. The well‐intentioned HVCC rule made it more difficult to obtain mortgages to purchase homes during the housing price crash, possibly exacerbating the fall in prices.