Freddie Mac announced on March 3, 2008 that they would join with the New York State Attorney General and their regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), to implement the Home Valuation Code of Conduct.
According to their web site: "We share the New York State Attorney General's goal of enhancing the independence of appraisers to protect the integrity of the appraisal process."
Get more information
- Read the full text of their March 3 Advisory Email Message to Seller/Servicers
- View the Freddie Mac Agreement
[PDF 31K] and the Home Valuation Code of Conduct[PDF 23K] - Read Freddie Mac's statement on the appraisal standards agreement
Submit Comments
In order to implement the Code as efficiently and with as little disruption as possible, Freddie Mac is soliciting comments from all industry participants. This comment period will be open from March 14 through April 30, 2008.
From the Freddie Mac web site . .
In order to implement the Home Valuation Code of Conduct (Code)
We are specifically seeking comments on the following three areas:
- Operational and implementation challenges that your organization will need to address to comply with the Code
- Identification of key definitions or terms contained in the Code where you may need additional guidance or clarifications. For example, we've already identified the terms "origination date", "small lender", "correspondent lender" and "broker" as terms that will require further clarification as we develop implementation plans.
- Any unintended consequences or risks you have identified for your business as a result of implementing the Code.
Submission Requirements
- You must provide the identifying information in our e-mail form, including:
- Your name and title
- Your organization name
- Your Freddie Mac Seller/Servicer Number (if applicable)
- Your institution type (Seller, Servicer, Mortgage Broker, Other)
- Contact information, including address, phone and email address)
- We strongly encourage organizations doing business with Freddie Mac to provide one set of consolidated comments from your organization.
As required in the Code, we will be reporting to OFHEO the results of the comments we receive.
Submit your comments using one of the following two methods:
- Electronically, using our online form
- By regular mail or express delivery of written comments that include the identifying information above to the following address:
Home Valuation Code of Conduct Response
Attn: Senior Vice President, Credit Risk Oversight
Freddie Mac
1551 Park Run Drive, Mail Stop D2Z
McLean, VA 22102-3110
Please note that we are unable to accept comments received through communications methods other than the above, including telephone responses received through our customer service call centers, and comments that are submitted or postmarked after April 30.
Recent Comments