From RMLS:
Under an agreement with the Attorney General of the State of New York and the Office of Federal Housing Enterprise Oversight, Fannie Mae will take steps to assist regulators in their efforts to enhance the quality and independence of the appraisal process. Fannie Mae will adopt a Home Valuation Protection Code and beginning January 1, 2009, it will require lenders to represent and warrant that appraisals prepared in connection with mortgage loans originated on or after that date that are delivered to Fannie Mae conform to the Code. Fannie Mae will also help establish the Independent Valuation Protection Institute, which will monitor and study the area of home valuations. To read more about these changes, read the full press release from Fannie Mae. A copy of the agreement and the Home Valuation Protection Code can be accessed at http://www.fanniemae.com/media/pdf/030308_agreement.pdf, as well.
