Industry NewsMortgage

Fannie, Freddie agree to adopt new appraisal standards

State, federal regulators seek to prevent coercion of appraisers
Published on Mar 3, 2008

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by CareyBot

Lenders who want to do business with Fannie Mae and Freddie Mac will no longer be allowed to use in-house staff appraisers or appraisal management companies they own or control under an agreement with regulators.

Fannie and Freddie have agreed to new standards designed to ensure the independence of the appraisal process, and will provide $24 million in funding over a five-year period for independent monitoring of the new standards.

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