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NEW APPRAISAL REGULATIONS FINALIZED
The Federal Housing Finance Agency (FHFA) approved on updated version of the Home Valuation Code of Conduct (Code) to be implemented in Q1 or early Q2 of 2009. The updated code seeks to improve the reliability of the appraisals and restore appraiser independence by:
- Changing the process for ordering appraisals.
- We as lenders will have to order our appraisals through a random pool of appraisers and will not have control as to the appraiser that get the appraisal order
- Implementing appraiser independence safeguards
- Preventing improper influences on appraisers
What can you do to prepare for the code:
- Watch for further guidance on the code at FHFA.gov
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