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:

• A written appraisal report • A written inspection report
• A print-out of the Last Feedback Certificate with the Minimum Assessment Feedback of Form 2070 or PIA Whether the Seller should use an appraisal, an inspection or PIA depends on:
• The characteristics of the transaction
• The type of property securing the Mortgage, and
• Whether the Mortgage is a Loan Prospector® Mortgage or a Non-Loan Prospector Mortgage

The Seller may not use tax-assessed valuations or Broker Price Opinions (BPOs) to determine value.

Source: AllRegs Seller/Servicer Guide