Freddie Mac and Fannie Mae will implement a revised Home Valuation Code of Conduct beginning May 1, 2009. In an attempt to increase the reliability of appraisals, the revised code builds on existing seller-servicer guidelines and will apply to lenders that sell single-family mortgage loans to Fannie Mae and Freddie Mac.
One major difference in the code is that lenders will be required to order appraisals from one central clearing house, which will in turn select an appraiser. The down side of such a process is that lenders will have little to no communication with the appraiser, which means there won’t be an opportunity to have a discussion or touch base with appraisers before they go out to appraise the house. The new code is intended to help assure that borrowers, home buyers and secondary mortgage market investors receive fair and independent property valuations.
In some areas, lenders have already implemented these changes, and in the next few weeks and months, more will have to begin the process.
If you are in need of a refinance, or are looking to purchase a home in Lakewood or the surrounding areas, please give me a call. I would be happy to help you. I will help you even if you already have a mortgage broker, just to look over the paperwork to make sure you are not being cheated. This is a free service to everyone.
Sincerely,
Bernie Germani
www.calihomeloan4u.com
http://www.weprovidethecash.com/?id=btmllc
www.socalhomesbybernie.com
We are not the FHA, VA, USDA, HUD or any other government organization. The content on this blog is intended for information purposes only. 
