– Appraisers must be familiar with the local market in which the property is located, must be competent to appraise the subject property type, and must have access to the data sources needed to develop a credible appraisal – Appraisers must be certified or licensed in the state in which the property is located, and must be eligible to perform appraisals in that state – Sellers must select appraisers in compliance with the terms of the Code Sellers must comply with the following requirements related to the selection of an appraiser: How do lenders determine the correct process for selecting an appraiser? Lenders may use appraisal management companies to obtain appraisals as long as they comply with the requirements of Section IV.C. of the Code for further information regarding who is authorized to select and retain appraisers.Īre lenders allowed to use appraisals ordered by appraisal management companies that provide other settlement services for the same transaction? The Code specifically prohibits lenders from accepting appraisal reports completed by an appraiser selected, retained or compensated in any manner by mortgage brokers and real estate agents. of the Code.Īre lenders permitted to use appraisers who have been selected or retained by a mortgage broker or real estate agent? Lenders are permitted to use in-house appraisers to obtain and prepare appraisal reports if the lender is in compliance with Section IV.B. Selection of Appraisers, Ordering AppraisalsĪre lenders permitted to use in-house appraisers to obtain appraisals? Lenders must represent and warrant that as of May 1, 2009, they have in place the structure, policies, and procedures required to comply with the Code and that appraisals used for mortgages with application dates on or after May 1, 2009, were obtained in a manner consistent with the Code. What does it mean to adopt the Code on May 1, 2009? If customers have immediate questions, they should contact their Freddie Mac account representative or email us using our Home Valuation Code of Conduct Inquiry Form. We will maintain ongoing contact through our various communications channels including newsletter articles and Web content. How will you handle issues and concerns raised by customers as the Code is implemented?įreddie Mac will work with our customers to address any issues or concerns regarding implementation of the Code. It does not apply to a lender’s foreclosure/REO process, workouts, or any other type of loss mitigation activity. The Code only applies to the loan origination process. Please note that completing the Vendor Application Form does not guarantee that you will be selected for the network.On and after May 1, 2009, Freddie Mac will not purchase mortgages from Sellers that do not adopt the Code with respect to single-family mortgages that are delivered to Freddie Mac.ĭoes the Code apply to non-origination valuation activities such as loss mitigation activities? If there is a business need to expand the network of listing brokers in a specific area, the prospective vendor database will be used to identify listing brokers registered in that area. You may also review the sourcing list to determine where listing brokers are needed. If you are interested in selling HomeSteps homes, please complete the Vendor Application Form and register as a prospective listing broker. Active and continuing REO education and/or certifications.Relevant and current knowledge of local market conditions, regulatory requirements and industry trends.3 to 5 years REO experience, preferably with corporate sellers.In addition, the following are beneficial: Financial capability to support ongoing expenses incurred while marketing properties.Proof of active membership in good standing with MLS board(s) within the primary market area.Proof of a minimum of $500,000 Errors & Omissions insurance coverage.Proof of an active real estate broker license. General requirements for listing brokers include, but are not limited to: If you are an agent, please contact your principal broker/owner to discuss listing opportunities. Relationships are established with the principal broker/owner of the company, not individual agents. HomeSteps utilizes the services of real estate brokers/agents to market and sell Freddie Mac's real-estate owned properties.
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