LEGISLATION ISSUESFri, Jul 24As a direct result of NAR's recent meetings with the New York Attorney General’s office, 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.pdfhttp://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. |
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