Financing & Credit Archive

Freddie Mac Releases New Guidance for Appraisals

On July 10, Freddie Mac released Bulletin 2009-18 to sellers and servicers. The bulletin addresses appraisals and underwriting. Regarding appraisals, the bulletin focuses on qualified appraisers, credible appraisers, comparable sales, and monitory appraisal quality. Freddie Mac reminds sellers that...

Fannie Clarifies 1004 MC Addendum

Fannie Mae released Lender Announcement 2009-19, Miscellaneous Underwriting, Eligibility, and Property-Related Updates, which, among other things, clarifies some issues with the 1004 Market Conditions Addendum. Readers may recall that the 1004MC Addendum was released in Announcement 08-30 and went...
June 10, 2009

NAR Calls for Delay of HVCC

On April 20, 2009, NAR sent a letter to Fannie Mae and Freddie Mac requesting that the Home Valuation Code of Conduct (HVCC) be delayed until May 1, 2010. Citing a host of reasons, NAR President Charles McMillan said...

Increase in Fees Required to Purchase Home

Ken Harney has an interesting article on the increase in fees that are being proscribed to home-buyers. He includes this section on appraisals: On top of these extra fees, borrowers are now starting to get hit with two sets...
April 20, 2009

Freddie Mac Restricts use of BPO’s

From Appraiser News Online, Freddie Mac is restricting how lenders can use broker price opinions: On March 31, Freddie Mac revised its Seller/Servicer Guide to strictly prohibit its lenders from using broker price opinions to value properties for mortgage...
April 13, 2009

Fannie Mae and Freddie Mac to Require Identifiers on Mortgage Applications

From the FHFA: Washington, DC – James B. Lockhart, Director of the Federal Housing Finance Agency, announced today that, effective with mortgage applications taken on or after Jan. 1, 2010, Freddie Mac and Fannie Mae are required to obtain...
January 26, 2009

Appraisers Not Happy with HVCC

From Ken Harney’s weekly real-estate column: Well, you might ask: Since appraisers in the past have often complained about pressure from loan brokers and realty agents to “hit the number” — that is, turn in valuations high enough to...
January 7, 2009

GSEs Look to Follow FHA’s Lead on Streamlined Refis

From the Housing Wire, Fannie and Freddie are considering a change with regard to how “Streamlined Refi’s” are appraised: In particular, the GSEs are considering a plan to allow some borrowers to refinance without the use of an updated...
December 15, 2008

Fannie Mae Institutes new Appraisal Guidelines

Fannie Mae has established new guidelines for filling out an appraisal report. The following requirements and clarifications are included in the guidelines: - Supervisory appraisers can no longer just sign off on an appraisal – they must inspect the...
November 19, 2008

Pressure to Approve Loans Ruined WaMu

There is a great article in the New York Times about how pressure to approve loans helped bring down Washington Mutual: MS. COOPER started at WaMu in 2003 and lasted three and a half years. At first, she was...