Freddie Ask for Your Feedback on Pending Appraisal Reform

Your chance to give Freddie feedback regarding the pending appraisal changes.
If these proposed guideline go into effect brokers will not be able to order their own appraisals . I highly recommend you give Freddie your feedback. You can only do this until April 30, 2008. Please take time today to respond at
http://www.freddiemac.com/singlefamily/home_valuation.html

You are reading key updates from Freddie Mac Today's News...
On March 3, Freddie Mac announced that we entered into an agreement with the New York State Attorney General and our regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), to implement and require Freddie Mac Seller/Servicers to adopt the Home Valuation Code of Conduct (Code) by January 1, 2009 for mortgages sold to us. Today we are announcing the commencement of the open comment period for all mortgage industry participants, as specified in the March 3 agreement. The comment period will begin today, March 14, and end on April 30, 2008.
To implement the Code as efficiently and with as little disruption as possible, we are specifically requesting comments as we begin the process of assessing changes to our Single-Family Seller/Servicer Guide requirements, systems and operational processes. To submit comments, we recommend that you provide a consolidated management response from your organization by:
Reviewing the Code information on our website at http://www.freddiemac.com/singlefamily/home_valuation.html, including our March 3 Single-Family Advisory customer message, the Home Valuation Code of Conduct and the agreement document signed by Freddie Mac, OFHEO and the New York Attorney General.
Providing comments on specific operational and implementation challenges that your organization will need to address to comply with the Code, and any unintended consequences or risks you have identified as a result of implementing the Code.
Identifying key definitions or terms contained in the Code where you may need additional guidance or clarifications. For example, we’ve already identified the terms “Origination Date”, “small lender”, “correspondent lender” and “broker” as terms that will require further clarification as we develop implementation plans.
Comments must be received in writing through the online form we have established on our website at Home Valuation Code of Conduct Response

Attn: Senior Vice President, Credit Risk Oversight
Freddie Mac1551 Park Run Drive,
Mail Stop D2ZMcLean, VA 22102-311

As required in the Code, we will be reporting to OFHEO the results of the comments we receive. Please note that we are unable to process comments received through communications methods other than the above, including telephone responses received through our customer service call centers, and comments that are submitted or postmarked after April 30. We recognize that implementing the Code may require significant changes in appraisal practices and operational requirements for Freddie Mac Seller/Servicers, and encourage you to submit comments that will best assist in the implementation of the Code for all industry participants.