Date: March 14, 2008
To: All Fannie Mae Single-Family Mortgage Sellers
Subject: Lender Letter 01-08: Home Valuation Code of Conduct Comment Period
Introduction
On March 3, 2008, Fannie Mae entered into an agreement (the
“Agreement”) with the New York State Attorney General and one of our regulators,
the Office of Federal Housing Enterprise Oversight (OFHEO), to enhance appraisal
practices. As part of the Agreement, Fannie Mae agreed to adopt a Home Valuation
Code of Conduct (the “Code”) created by the Attorney General’s Office and OFHEO.
The Code was developed to help reinforce the independence of appraisers as well
as to enhance the overall integrity of and confidence in the national housing
finance system.
The Agreement and the Home Valuation Code of Conduct can be
viewed on eFannieMae.com.
Fannie Mae will require that all lenders represent and
warrant that appraisals conducted in connection with single-family mortgage
loans originated on or after January 1, 2009 that are delivered to Fannie Mae,
conform to the Code. After January 1, 2009, we will not purchase single-family
mortgage loans, other than government-insured loans, from mortgage originators
that do not agree to adopt the Code with respect to such loans that are
delivered to Fannie Mae.
Comment Period
As part of the Agreement, a comment period has been
established for all industry participants to provide comments on the
implementation of the Code. The comment period begins at 1:00 PM on Friday March
14, 2008 and ends at 11:59 PM on April 30, 2008. Comments on the Code are to be
submitted to Fannie Mae at eFannieMae.com (www.efanniemae.com/go/appraisalcomment.jsp).
All comments received will be forwarded to OFHEO and the NY Attorney General for
review and consideration.
In recognition of the significant changes provided by the Code, Fannie Mae
encourages all of our customers to review the documents and provide comments
they find appropriate. Additionally, we encourage our lenders to forward this
communication or the information herein to any party that may be impacted by the
Code to ensure they too have an opportunity to submit their comments.
Lenders should contact their Customer Account Manager with general questions
related to Lender Letter 01-08.
Michael A. Quinn
Senior Vice President
Single-Family Risk Officer
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