Fannie Mae, Freddie Mac agree to new appraisal standards
March 3rd, 2008 Categories: Mortgage News, New Appraisal Standards, fannie mae, freddie mac
Fannie Mae, Freddie Mac agree to new appraisal standards
From the Baltimore Business Journal…
Under the new code, mortgage brokers will be prohibited from selecting appraisers, and lenders will be prohibited from using in-house staff to conduct initial appraisals, among other things.
Lenders will also be prohibited from using appraisal management companies that they own or control.
Too early to determine what the new protocols will be, but will be sure to update as I find out…
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