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Fannie Mae has updated its FAQs for the Home Valuation Code of Conduct (Code). The purpose of the Update is to provide clarification on implementation of the Code.

Fannie Mae's and Freddie Mac's FAQs may differ to some extent in style or structure, but present no substantive differences in interpretation or implementation of the Code.

This document was previously updated in March and July 2009.

There are New and substantively Updated FAQs in this latest Update.


  • May a person on a lender's staff who is not part of the loan production staff and does not receive a bonus or commission based on loan closings provide an AMC a list or panel of appraisers to use for loans involving a specified mortgage broker, real estate agent or loan officer?
  • Lender B originates a loan using an appraisal transferred from Lender A, who provided Lender B with written assurances that the appraisal was obtained in a manner consistent with the Code. Will Fannie Mae hold Lender B liable for remedies if it is discovered after the transfer that Lender A committed a Code violation?
  • Can a loan closing proceed if the lender in good faith and according to its policies and procedures sent a copy of the appraisal to the borrower in accordance with the three-day requirement, but the borrower did not receive the copy of the appraisal prior to the scheduled closing?
  • This question clarifies Section II of the Code.* Lenders may have had different interpretations prior to the issuance of this question. May lenders submit to Fannie Mae their pipeline loans that were originated in good faith compliance with their, possibly different, interpretation of Section II of the Code?
          * Section II: Borrower Receipt of Appraisal

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Home Valuation Code of Conduct
Frequently Asked Questions (FAQs)
Updated March 2010

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