Washington Report: Who Chooses Appraisers?, an article from Realty Times, reports that Fannie Mae and Freddie Mac recently announced their adoption of a "revised version of their controversial settlement with New York attorney general Andrew Cuomo." The original version, which was agreed to last spring, created a strict set of guidelines for appraisals on all mortgages purchased or guaranteed by the two companies. The code prohibits mortgage brokers from selecting appraisers and forbids Realtors from having "any say or influence over the choice of an appraiser on a sale transaction." Appraisers are unhappy with the changes, as they've established long-standing, legitimate relationships with Realtors brokers and small lenders. http://realtytimes.com/rtpages/20090105_washingtonreport.htm
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