Desktop appraisals and automated appraisals many lenders use
instead of appraisers are so error-ridden that they have been known
to evaluate homes up to either $200,000 less than/or more than they are worth.
should ask a lender to use a live appraiser.
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A lender cannot pay an appraiser $250 and
charge you say $350 at settlement without an additional service. Are
you sure a lender is not using an error-ridden online $29.95
valuation, and charging you for a real appraisal?
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Make an offer over $450. Email us at
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Home Valuation Code of Conduct (HVCC)
Can a Lender still order an appraisal
direct from an Appraiser? Yes!
See Question 35 of the Fannie Mae
The Home Valuation Code of Conduct (the Code)
is the result of a joint agreement between Fannie Mae, Freddie Mac, the Federal
Housing Finance Agency (FHFA), and the New York State Attorney
General to enhance the independence and accuracy of the appraisal
process, and provide added protections for homebuyers, mortgage
investors and the housing market.
Effective May 1, 2009, Fannie Mae & Freddie Mac will no longer
purchase mortgages from Sellers that do not adopt the Code with
respect to single-family mortgages that are delivered to Fannie Mae
& Freddie Mac.
Also, effective for single-family mortgages with loan application
dates on or after May 1, 2009, Freddie Mac Seller/Servicers must
represent and warrant that the appraisal report is obtained in a
manner consistent with the Code.
The sale of the following mortgages is excluded from the
representation and warranty: FHA/VA Mortgages, Section 184 Native
American Mortgages, and Section 502 Guaranteed Rural Housing
State License is Sufficient Prohibition Against Discrimination
Lenders and State agencies should be aware that Title XI of the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
("FIRREA"), prohibits federally regulated financial institutions
from excluding appraisers from consideration for an assignment
solely by virtue of their membership, or lack of membership, in any