A revised version of the Home Valuation Code of Conduct, an agreement between New York Attorney General Andrew Cuomo and Fannie Mae and Freddie Mac, has been released. The Agreement will be effective May 1, 2009.
Here is a link to the revised Home Valuation Code of Conduct:
And here is Cuomo’s statement on the Agreement:
“This revised agreement with Fannie Mae and Freddie Mac is a step forward: it preserves the core goals of ensuring appraiser independence and eliminating systemic conflicts of interest. It also incorporates common-sense suggestions of industry participants that increase flexibility and efficiency. Under this agreement, Fannie and Freddie commit to purchasing only those loans that are supported by appraisals conducted independently and honestly. Erecting and enforcing meaningful firewalls between appraisers and lenders, and forcing Fannie and Freddie to stop working with unscrupulous lenders and brokers, are key steps in cleaning up the mortgage industry and avoiding another crisis like this in the future. My office looks forward to working with the new Administration in making more reforms to the system in the New Year.”
We will be reading through this revised Agreement and providing our thoughts. However, we are always curious what appraisers think.