The regulator of the government-sponsored enterprises has moved to clear up “misinformation” about the Home Valuation Code of Conduct that the GSEs adopted three months ago and counter criticism that the new appraisal code is causing problems in the real estate market.
The code was designed to shield appraisers from inappropriate pressure from lenders, borrowers and brokers. But critics are complaining that the code has slowed the appraisal process, led to lower appraisals and the use of unqualified appraisers.
“FHFA believes that the code is serving the intended purpose and will continue its oversight role both as to the implementation of the code by the enterprises and its market impact,” the agency said.
Yea-right !
