The Code of Conduct has a number of main concerns including sections addressing the issues of Appraiser Independence Safeguards, Appraiser Engagement, Prevention of Improper Influences on Appraisers, establishment of The Independent Valuation Protection Institute and Scope of the Code.
No doubt, this detailed document will be much discussed, interpreted and clarified in the days ahead, but at first glance it appears as though:
--An Independent Valuation Protection Institute is to be established
--This Institute will receive complaints for review and referral regarding non-compliance with the Code of Conduct
--The Code of Conduct applies to Freddie Mac and Fannie Mae, not FHA
--Some sensible provisions designed to prevent coercion of appraisers are being enacted.
--Various "firewalls" are to be constructed with the goal of separating mortgage loan production functions and appraiser selection.
--The final nail in the "Comp Check" coffin may have been driven.
--Nothing in the Code of Conduct mandates the usage of appraisal management companies.
The full text can be found by following this link: http://www.freddiemac.com/singlefamily/pdf/122308_valuationcodeofconduct.pdf
We really hope you find our newsletter to be informative! If you have any input on future topics for discussion, please email me your questions and I will do my best to address them in the next issue. If you want to look back at past issues you can see our archive at www.fhaappraisernewsletter.com
Regards,
Bill Collins
bill@fhaappraisers.com
www.fhaappraisers.com
www.fharoster.com
(877) 4FHA-VALU
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