Earlier this month, I blogged about my meetings with the New York Attorney General’s Office, the Federal Housing Finance Agency, and Fannie Mae to share our concerns about the Home Valuation Code of Conduct. I also mentioned the ongoing problems in my latest President’s Podcast.
It looks like our persistence on this issue is paying off. Fannie Mae and Freddie Mac recently issued new guidance to all lenders on the Home Valuation Code of Conduct. Specifically, they have advised lenders to use appraisers who have clear experience in the geographic area. They also made is clear that appraisers are not prohibited from talking to real estate agents.
We have e-mailed all members about this development, but I wanted to post it on the blog, as well, to make sure everyone is aware. Just go to Realtor.org/HVCC for the details.
This is a good first step, but we realize that we need to do much more to ensure that appraisals are being handled properly and don’t inhibit the market. NAR will continue to work on this issue in the weeks and months ahead and keep you updated on our progress.
I thank all of you for sharing your concerns and stories – especially those who responded on this blog. Keep the comments coming, and please share these updates with your colleagues. – Charles McMillan, 2009 NAR President