CHICAGO (May 20, 2010) – The Federal Housing Finance Agency today said that Fannie Mae and Freddie Mac will deploy a complaint process for violations of the Home Valuation Code of Conduct and will not fund the Independent Valuation Protection Institute called for in HVCC. (See FHFA’s letter: http://www.fhfa.gov/webfiles/15738/HVCCInstitutereleaseletter52010.pdf)
The Appraisal Institute, the nations largest professional organization of real estate appraisers, responded with the following statement by Appraisal Institute President Leslie Sellers, MAI, SRA:
“The Appraisal Institute is disappointed that a fully funded Independent Valuation Protection Institute won’t exist, and we hope Fannie Mae and Freddie Mac will do more than simply make referrals to applicable agencies. Rather, we hope Fannie and Freddie will take aggressive action against loan sellers that violate the Code and fail to obtain credible appraisals by competent appraisers. Regardless of the IVPI, we continue to believe that the Home Valuation Code of conduct can and should be improved and strengthened. The Appraisal Institute is working to advance federal legislation that addresses the unintended consequences of the Code on the valuation profession.”
The Appraisal Institute is a global membership association of professional real estate appraisers, with more than 25,000 members and 91 chapters throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. For more information regarding the Appraisal Institute, please visit www.appraisalinstitute.org.