Fannie Mae's "Home Valuation Code of Conduct" Comments Page is "Open For Business"!

FannieMae is the latest to open their 90-Day "Home Valuation Code of Conduct" Comment page for appraiser comments - Click Here.

To help enhance the integrity of the home appraisal process in the mortgage finance industry, Fannie Mae has entered into an agreement with their regulator — the Office of Federal Housing Enterprise Oversight (OFHEO) — and the New York Attorney General's office, to adopt a Home Valuation Protection Code.

The Code will be effective for single-family mortgage loans (except government-insured loans) that are originated on or after January 1, 2009, and delivered to Fannie Mae.  Here's FannieMae's March 14th Lender Letter: Download FannieMae_Lender_Letter_01_08_HVCC_Comment_Period.pdf

Also, along with Freddie Mac and other industry players, Fannie Mae will contribute funding to support establishment of an Independent Valuation Protection Institute.

Comment Period Open through April 30, 2008

From the Fannie Mae web site: (click here)

As specified in the agreement, we are providing the opportunity for our customers and other market participants to comment on our implementation and deployment of the Code. As stated in the agreement, the parties to the agreement will review comments received during this period and will consider any amendments to the Code necessary to avoid unforeseen consequences.

All comments provided to Fannie Mae will be shared with OFHEO and the New York Attorney General's office for consideration. The comment period will remain open through April 30, 2008.

• View the Agreement among Fannie Mae, OFHEO, and the NY AG
  (.pdf, 26K, 8 pages)
• View the Home Valuation Protection Code
  (.pdf, 24K, 4 pages)
• Submit comments on implementation of the Code

Click here to continue reading . . .

Home Valuation Protection Code Implementation Comment Form

To help enhance the integrity of the home appraisal process in the mortgage finance industry, Fannie Mae has entered into an agreement with our regulator – the Office of Federal Housing Enterprise Oversight (OFHEO) – and the New York Attorney General’s office, to adopt a Home Valuation Protection Code. The Code will be effective for single-family mortgage loans (except government-insured loans) that are originated on or after January 1, 2009, and delivered to Fannie Mae.

As specified in the agreement, we are providing the opportunity for our customers and other market participants to comment on our implementation and deployment of the Code.

As stated in the agreement, the parties to the agreement will review comments received during this period and will consider any amendments to the Code necessary to avoid unforeseen consequences.

All comments provided to Fannie Mae will be shared with OFHEO and the NY AG for consideration.

Click here to Submit comments on implementation of the Code