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

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.

http://www.freddiemac.com/singlefamily/hvcc_faq.html

Links are posted 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 NAR will continue to meet with industry partners and officials to

convey REALTOR concerns.