News & EventsFNMA Guidelines
Fannie Mae recently published it's new Appraiser Independence Requirements on October 15, 2010, which was incorporated into the Fannie Mae Seller Guide. Financial Asset Services has already taken the necessary steps to implement new policies in accordance with the requirements as set forth by Fannie Mae:
- Appraiser Independence - FAS validates the licenses of all appraisers prior to becoming a member of its fee panel. In addition, our systems and policies expressly prevent/prohibit any activity which could be interpreted as an attempt to influence the value provided by a member of our fee panel.
- Appraisal Substitution - Our order management system automatically identifies any duplicate orders placed within a 6-month period, flagging a QC review to validate that the second appraisal order is justified and warranted.
- Appraiser Engagement - Prior to accepting orders from a new client, FAS will validate the roles of individuals in charge of placing new appraisal orders to ensure they meet the requirements as defined by Fannie Mae
- Compliance - FAS has established its written policies and procedures to support Fannie's Appraiser Independence Requirements.
Fannie Mae will be adopting the amended Truth-In-Lending requirements, as found at Section 1472 ["The Dodd-Frank Wall Street Reform and Consumer Protection Act - Section 129E"]. This Act will replace the HVCC requirements previously mandated by Fannie Mae.
Click here to view the Fannie Mae Letter and Guidelines.
