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Wednesday, September 22, 2010

GSEs Eye Standards Shift for Appraisals

Daily Real Estate News, September 22, 2010

Recently enacted Wall St. reforms require the Federal Housing Finance Agency, the regulator of Fannie Mae and Freddie Mac, to come up with appraisal standards to replace the Home Valuation Code of Conduct by Oct. 21.

The law retains the basic intent of HVCC, which is for lenders to keep an arm's length distance between them and the appraiser, and it continues to allow appraisal decisions to be left in the hands of appraisal management companies, if lenders so choose.

But it attempts to prevent abuses by, among other things, blocking AMCs from negotiating fees with appraisers. Lenders and AMCs must pay appraisers at the market rate.

Source: American Banker, Brian Collins (09/22/10).

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