Forsythe Appraisals, LLC. came across the ST. PAUL, Minn.--(BUSINESS WIRE )-- today . Giving us a extended glimps of the future direction of Residential Appraisals. To veiw the full article click here http://www.businesswire.com/portal/site/home/news/sections/?ndmViewId=ne... .
"To ensure objective appraisals, New York Attorney General Andrew Cuomo has reached an agreement with Fannie Mae and Freddie Mac. the two largest sources of U.S. mortgage financing, to establish a code of conduct for appraisers." The article gave a much greater understatnding of what Under the agreement would entail, "Fannie Mae and Freddie Mac will only buy home loans from lenders that endorse an appraiser code of conduct."
The code would:
Establish requirements governing appraiser selection, solicitation, compensation, conflicts of interest and corporate independence.
Create a new entity, the Independent Valuation Protection Institute to monitor and study this area.
Create a new complaint hotline for consumers and appraisers to report any prohibited interference by loan officers, real estate agents and others.
Prohibit lenders from influencing an appraisal through coercion, inducements or other forms of pressure.
Require lenders to use an appraiser who is not employed, affiliated or otherwise connected with the lender.
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