August 3rd, 2009 10:38 AM by Ron Mastrodonato
Appraisal Clarification as Good First Step
WASHINGTON (July 23, 2009) – The following is a statement by National Association of Realtors® President Charles McMillan:
“NAR and our 1.2 million members are pleased that the Federal Housing Finance Agency has instructed Fannie Mae and Freddie Mac to take action to clarify confusion over the new Home Valuation Code of Conduct for home appraisers implemented this past May.
“Our members were experiencing delayed and lost sales because of poor appraisals conducted often by inexperienced appraisers who were not familiar with the area. The ramifications were so great to our members and to the housing industry that I personally met with the New York Attorney General’s office and with the head of the FHFA to share our concerns.