November 02, 2016
Appraisal Institute ‘Concerned’ with Freddie Mac Policy Changes
Citing similarities to previous policies that “turned out to be disastrous for the entire economy,” the Appraisal Institute on Oct. 31 expressed “serious concerns” with changes to Freddie Mac’s Loan Advisor Suite. Under its new policy announced Oct. 24, Freddie Mac will waive appraisals in lieu of an “appraisal alternative” in a host of situations, including first-purchase loans. The Appraisal Institute’s letter to Federal Housing Finance Agency Director Mel Watt asked Freddie Mac to re-evaluate the new policy. Read AI’s letter.