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Monday, April 20, 2009

Housing Market Faces New Rules for Appraisals

From Realtor Magazine Online, Daily Real Estate News April 20, 2009

housing industry is facing new national rules for real estate appraisals, which will ban mortgage brokers from ordering valuations and divert more business to third-party appraisal management companies.

Lenders seeking to sell their loans to Fannie Mae and Freddie Mac will have to adopt the home valuation code of conduct; but they have expressed some concern about the new standard, which takes effect on May 1.

Lenders can still focus on FHA financing, considering the agency has its own appraisal rules and does not plan to adopt the code of Fannie Mae or Freddie Mac.

Source: Realty Times, Kenneth R. Harney (04/20/09)
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