Brokers May Fight New Appraisal Requirements - Mortgage Forums for Mortgage Brokers

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Brokers May Fight New Appraisal Requirements

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03-04-2008, 05:21 PM

Veronica Corningstone Veronica Corningstone is offline

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Brokers May Fight New Appraisal Requirements

Fannie Mae and Freddie Mac have have entered into cooperation agreements with New York's attorney general to only purchase loans that meet a new home valuation protection code. Under the new code, mortgage brokers are prohibited from choosing or communicating with appraisers on conforming loans. The National Association of Mortgage Brokers has denounced the agreements and said it is considering legal action.

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