Effective Date is May 1, 2009 03/18/2009. Lenders must represent and warrant that appraisals conducted in connection with single-family mortgage loans delivered to Fannie Mae and Freddie Mac, other than government-insured and -guaranteed loans, with application dates on or after May 1, 2009 conform to the Home Valuation Code of Conduct. There is a related DocuTech “Verification of Receipt of Appraisal” form available by request for those lenders wishing to include a document for the borrower to either verify they have received the appraisal report no less than three days prior to closing, or acknowledge they wish to waive the requirement (Cx14078).
Lenders may view the revised Home Valuation Code of Conduct, along with the related FNMA announcement and FAQ page, on the Fannie Mae website. The Code may also be viewed, along with the related FHLMC announcement and FAQ page, on the Freddie Mac website.