March 3rd, 2008
Slimy Appraisers blamed for Mortgage Mess?
An a move to “clean up the mortgage mess” Fannie and Freddie will require tougher standards for appraisers - most notably the mortgage broker can no longer hire the appraiser
Fannie and Freddie agreed to a new code that would govern appraisal selection, compensation, conflict of interest and other issues. Under the code, mortgage brokers will be prohibited from selecting appraisers. They will also be prohibited from using “in-house” staff appraisers to conduct initial appraisals and from using appraisal management companies that they own or control.
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Filed under: Appraisers, Fannie Mae, Freddie Mac, Mortgage Recovery, Sub-prime Meltdown
