Most buyers and sellers have no idea about the recent changes to the real estate industry that has a direct affect on their personal transactions. Fannie Mae and Freddie Mac have gone under extensive scrutiny and the outcome has brought on new changes in the way loans are handled especially in the appraisal area. In an effort to try and get a handle on the “bad appraisals” new codes were enacted on the way and manner an appraiser could be assigned and what guidelines they must follow when doing an appraisal. Like all new rules and regulations comes a period of questions, confusion and delays associated with the process. Let’s call that the “learning curve”. The National Association of Realtors (R) (NAR) has been working directly with the Federal Housing Finance Agency to make sure that the new codes work for all parties involved.  

I have included links to some of these new changes for your review including a Q&A form. I hope this helps in understand how the changes may directly affect all buyers and sellers.

  http://www.fhfa.gov/webfiles/14611/hvcc_NOTICE_7_22_09F.pdf

https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/pdf/hvccfaqs.pdf

http://www.freddiemac.com/singlefamily/hvcc_faq.html