On March 31, Fannie Mae and Freddie Mac released an updated Frequently Asked Questions regarding the Home Valuation Code of Conduct that is set to take effect May 1, 2009. Highlights of the FAQ include sections regarding mortgage broker initiation of the appraisal process, quality control, and loan production staff training.

Appraisal Institute members are encouraged to read the FAQs in their entirety and to submit any questions to insidethebeltway@appraisalinstitute.org.

To access the full FAQs as well as a variety of other HVCC-related information, visit www.freddiemac.com/singlefamily/hvcc_faq.html  and www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/ .

Source: Appraisal Institute