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New rule adds layer between lenders, appraisers.

Publication: Wenatchee Business Journal
Publication Date: 01-SEP-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: New rule adds layer between lenders, appraisers.(Separation anxiety)

Article Excerpt
When New York Attorney General Andrew Cuomo struck a deal with the government-sponsored mortgage buying agencies Fannie Mae and Freddie Mac in late 2007, it made sweeping changes to the mortgage appraisal industry that have some appraisers and Realtors up in arms.

The Home Valuation Code of Conduct (HVCC), as the agreement is known, prohibits lenders, brokers and banks from talking directly to appraisers to prevent them from pressuring appraisers over home values.

So far so good, say some appraisers. Others say the HVCC has ruined the industry. Both sides agree changes need to be made.

In the meantime, the consumer is footing the bill.

According to the agreement, which became effective May 1, Fannie Mae and Freddie Mac agree to buy mortgage loans from lenders, brokers and banks that...

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