Does the quality control requirement as noted in Section VI of the Code apply to all valuations completed by a lender or just those loans originated and sold to Fannie Mae?
The quality control requirement applies to all loans that were originated by the lender or acquired from a third party. It is important to note that our current quality control requirements, as noted in the Selling Guide, Part D, Ensuring Quality Control, will satisfy the requirement of Section VI.
Does the Code require a lender to report appraisers to the applicable State certifying and licensing agency?
Yes, if a lender has reason to believe an appraiser is violating applicable laws or otherwise engaging in unethical conduct, they shall promptly refer the matter to the applicable board or agency.
