« System Designed to Expedite Short Sales for Lenders | Main | ValuFinders Promotes Flexibility of Appraisal CONCIERGE »
May 30, 2008
Regulator Criticizes Appraisal Agreement
The agreement Fannie Mae and Freddie Mac to buy only loans from lenders that receive appraisals from independent companies has come under criticism from John Dugan, the comptroller of the currency. Dugan--the regulator of mortgage lending by national banks--says federal and state enforcement is the way to create a conflict-free environment for regulating mortgage lenders and brokers. The agreement, which is scheduled to take effect next year, should be withdrawn because its violates federal law and would have a negative impact on the mortgage industry, Dugan adds.
Posted by S. Germain at May 30, 2008 07:59 AM