In their release, Freddie states :
Effective October 15, 2010 we are adopting appraiser independence requirements that maintain the spirit and intent of the Home Valuation Code of Conduct (HVCC). Freddie Mac has worked with the Federal Housing Finance Agency and Fannie Mae to develop appraisal independence requirements to replace the HVCC, which is expected to sunset this month.Here's the Freddie Mac Appraiser Independence Requirements:
Freddie Mac Appraiser Independence Requirements 10-15-2010
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2 comments:
Looks like paying appraisers a professional fee and searching for quality appraisals was the low priority item (again).
Score:
Banks 10
AMCs 10
Appraisers -50
Anonymous,
Maybe Fannie and Freddie don't care whether appraisers are truly independent. It seems to me that reasonable fees (tied both to the amount of work needed to thoroughly complete the appraisal and what it takes to run a business and make a living) would truly make appraisers independent. And making sure the appraiser got paid has got to be easier to administrate than the laundry list of prohibited activities they came up with.
Maybe Fannie/Freddie aren't any more interested in appraiser independence than they are in appraiser payment. Why?
Possibly Fannie and Freddie are under the influence of the banks.
Have you yet been able to detect the least iota of resolve from a national residential mortgage lender that the appraiser must be independent, let alone well paid?
Fannie and Freddie reflect what the banks think should be done.
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