NAR Update: Fannie, Freddie Act on Appraisal Concerns

To: 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.

http://www.fhfa.gov/webfiles/14611/hvcc_NOTICE_7_22_09F.pdf

In addition to this guidance, both Fannie Mae and Freddie Mac recently posted extensive Qs and As on their respective web sites, based on information that NAR provided when the code was first adopted in May.

https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvccfaqs.pdf

http://www.freddiemac.com/singlefamily/hvcc_faq.html

We have posted links to all of this information at www.Realtor.org/HVCC.

Although this is certainly a step in the right direction, more still needs to be done to address problems with the HVCC. NAR will continue to push for a moratorium on the Code, and I will continue to meet with industry partners and officials to convey our concerns.

Thanks to all REALTORS® who have shared experiences and concerns with us.

Once again, you have proven that we are the “Voice for Real Estate,” and I am proud to serve as your 2009 President.

Sincerely,
Charles McMillan, CIPS, GRI
2009 NAR President

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