Friday, July 24th, 2009To: All REALTORS®
From: Charles McMillan, 2009 NAR President
Re: UPDATE: FHFA and GSEs Act on HVCC Concerns
Dear Fellow REALTOR®,
I am writing to you with an important update on NAR’s efforts to address ongoing problems with recent changes to appraisal rules.
As a direct result of my recent meetings with the New York Attorney General’s office, the Federal Housing Finance Agency, and Fannie Mae, both Freddie Mac and Fannie Mae this week issued new guidance to all lenders on the Home Valuation Code of Conduct.
The alert clarifies two very important points that we raised in our meetings with officials. First, it states that lenders should use appraisers who have clear experience in the geographic area. Second, it clarifies that appraisers are not prohibited from talking to real estate agents.
Continue reading: NAR Update: Fannie, Freddie Act on Appraisal Concerns
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