1. An appraiser must be licensed in the state in which the property is located.
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| 2. The lender or any third party cannot influence the appraiser by any means including offering appraisers the business
if they can come up with the number the lender wants or removing an appraiser from an approved list or order another appraisal if the first one did not reach the lenders goal, etc. etc. |
| 3. The lender must provide the borrower with a copy of the appraisal within 3 business days prior to loan closing. |
| 4. Only the lender can select and pay for the appraisal and cannot accept one obtained by a mortgage broker or real estate agent. |
| 5. The lender cannot utilize an appraisal from a employee of the lender or an affiliate of the lender or entity that is owned in whole or part by the lender which means that the lender cannot use his own appraisers who are employed by the lender. |
| 6. Employees in the lender's sales or loan production departments cannot select or communicate with the appraiser. |
| 7. An Independent Valuation Protection Institute. The lender shall made the borrower and appraiser aware of the Insitute where any complaints of Code of conduct non-compliance can be addressed. |
| 8. The lender agrees to quality control test a randomly selected 10 % of the appraisals used by the lender. |
| 9. The lender shall certify, warrant and represent that the appraisal was obtained in compliance with this Code of conduct.. |
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| For complete details, please goto: http://www.freddiemac.com/singlefamily/home_valuation.html |
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| More to follow… |
