The Federal Housing Finance Agency, and Fannie Mae, both Freddie Mac and Fannie Mae this week issued new guidance to all lenders on the Home Valuation Code of Conduct.
The alert clarifies two very important points that we raised in our meetings with
officials. First, it states that lenders should use appraisers who have
clear experience in the geographic area. Second, it clarifies that appraisers are
not prohibited from talking to real estate agents.
http://www.fhfa.gov/webfiles/14611/hvcc_NOTICE_7_22_09F.pdf
In addition to this guidance, both Fannie Mae and Freddie Mac recently posted
extensive Qs and As on their respective web sites, based on information that NAR
provided when the code was first adopted in May.
https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvccfaqs.pdf
http://www.freddiemac.com/singlefamily/hvcc_faq.html
We have posted links to all of this information at www.Realtor.org/HVCC.
Although this is certainly a step in the right direction, more still needs to be done
to address problems with the HVCC. NAR will continue to push for a moratorium
on the Code, and continue to meet with industry partners and officials to
convey our concerns.
Friday, July 24, 2009
Subscribe to:
Post Comments (Atom)
.jpg)
No comments:
Post a Comment
By submitting your comment to this blog, you are allowing ACAR the right to use and/or display it at our discretion.
We reserve the right to remove or edit any comment due to offensive or inappropriate language, relevancy, commercial endorsements, and spam. This could be done manually or due to automated spam detection software. We will not remove or edit comments we disagree with nor will we edit comments to change the commenter’s intention.