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Fannie Mae & Freddie Mac Appraisal Order Changes.

Back in March I wrote a blog New Proposed Appraisal Regulations ............ "Home Valuation Code of Conduct" giving every one a heads up on changes to the way Fannie Mae & Freddie Mac Appraisals will be done from tomorrow (May 1, 2009) forward.
Starting tomorrow, May 1, a new code of conduct, the "Home Valuation Code of Conduct" (HVCC) will go into affect for ALL appraisal on Fannie Mae and Freddie Mac Loans.  Anyone with a vested interest in the approval of a mortgage can not have any contact with Appraisers or have any say on who the appraisal will be assigned to.  Those that will be most affected by this change will be Loan Officers and Brokers, but in reality Realtors and Buyers will feel the impact of this change as well.
Right now if an Appraiser feels that a property is not going to appraise, because of preliminary work that he/she might have done before going out to actually appraise the property, he can give the Loan Officer or Broker a call and discus it with him to try to determine if it is even worth doing the appraisal.  Many times the amount that the property needs to appraise ... more

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