Today's News ...
Today, we are announcing the availability of the revised Home Valuation Code of Conduct (the Code) on our Web site. The effective date for Sellers to adopt the Code is May 1, 2009. We have published the revised Code in order to give you as much time as possible to assess impacts to your operations and prepare for the required implementation date.
The Code is the result of our March 3, 2008, agreement with the Federal Housing Finance Agency and the New York State Attorney General to enhance the independence of appraisers. The revised Code incorporates many of the comments received from Sellers and other industry participants during the open comment period, addressing operational and implementation concerns, unintended consequences or risks, as well as providing further clarification of terms. We want to extend our thanks for the time and effort you spent to ensure that the Code enhances appraiser independence.
Beginning May 1, 2009, lenders must represent and warrant that appraisals conducted in connection with single-family mortgage loans, other than government-insured loans, originated on or after May 1, 2009, conform to the Code. On and after May 1, 2009, Freddie Mac will not purchase single-family mortgage loans, other than government-insured loans, from mortgage originators that do not agree to adopt the Code.
In January we will provide additional details on our requirements for implementing the Code. Additionally, we will be integrating the Code into a future Single-Family Seller/Servicer Guide (Guide) Bulletin.
If you have any questions or concerns, please contact your Freddie Mac representative.
Link to revised HVCC ==> http://www.freddiemac.com/singlefamily/ ... onduct.pdf
