appraisals: NAMB Lesiglative Update
- 09/21/09 03:17 AM
TO: All NAMB MembersFROM: NAMB Government AffairsDear NAMB Members:On September 18, 2009 the Department of Housing and Urban Development (HUD) released Mortgagee Letters 09-28, 09-29, 09-30. These mortgagee letters contain provisions similar to those seen in the Home Valuation Code of Conduct (HVCC). Mortgagee Letter 09-28 prohibits "FHA-approved lenders... from accepting appraisals prepared by FHA Roster appraisers who are selected, retained or compensated in any manner by a mortgage broker or any member of a lender's staff who is compensated on a commission basis tied to the successful completion of a loan." Mortgagee Letter 09-29 states, "In cases where a borrower … (0 comments)
TO: All NAMB MembersFROM: NAMB Government AffairsDear NAMB Members:On September 18, 2009 the Department of Housing and Urban Development (HUD) released Mortgagee Letters 09-28, 09-29, 09-30. These mortgagee letters contain provisions similar to those seen in the Home Valuation Code of Conduct (HVCC). Mortgagee Letter 09-28 prohibits "FHA-approved lenders... from accepting appraisals prepared by FHA Roster appraisers who are selected, retained or compensated in any manner by a mortgage broker or any member of a lender's staff who is compensated on a commission basis tied to the successful completion of a loan." Mortgagee Letter 09-29 states, "In cases where a borrower … (0 comments)
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