Freddie Mac (Bulletin 2009-7) is updating their Single-Family Seller/Servicer Guide ("Guide") to reflect the requirements announced in Bulletin 2009-1, including revisions that require any third party specifically authorized to perform certain actions on behalf of the Seller be in compliance with the HVCC Code ("Code") requirements.
Of particular note was the change to section 44.7:
44.7: Overview of appraisal and inspection reports and the Property Inspection Alternative (PIA) (03/31/09)
To evidence that the Mortgaged Premises is acceptable for the transaction, each Mortgage file must contain one of the following reports:
The Seller may not use tax-assessed valuations or Broker Price Opinions (BPOs) to determine value.
Source: AllRegs Seller/Servicer Guide
Posted by Brian Davis on April 02, 2009 in Fannie Mae - Freddie Mac, MLS / NAR
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