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7/14/2010
| New guidance from Fannie Mae prohibits appraisers who lack geographic competency from accepting assignments outside their area. The guidance also makes clear that nothing in the Home Valuation Code of Conduct (HVCC) requires lenders to use third-party appraisal management companies (AMCs) or prohibits practitioners from having appropriate communications with appraisers. HVCC is the appraiser selection agreement signed between Fannie, Freddie Mac, and New York State. The guidance also outlines a process for lenders wanting to address what they perceive to be deficient appraisals: the lender has the option to request a field or desk review of the report or forgo the review and obtain a new appraisal. On the use of short sales and foreclosures as comparables, the guidance says among other things that the appraiser may use a short sale or foreclosure as a comparable but must identify and consider differences from the subject property and cannot assume the properties are equal. For more info contact Jeff Lischer, jlischer@realtors.org, 202/383-1117. Source: National Association of REALTORS® |
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