Effective January 1, 2009, Fannie Mae and Freddie Mac will buy loans only if they meet more stringent appraisal standards. The purpose of the rule change is to better ensure that loans are being appraised by reliable and independent appraisers.
Under the new rules, the appraiser to be used must be selected by the Lender, the appraiser cannot be an employee of a Lender or affiliate, and the Lender cannot attempt to influence the appraiser’s value or approach. You can learn more about these changes at www.fanniemae.com.
Tags: appraisers, Fannie Mae, Freddie Mac, loans