The Appraiser Independence Requirements (AIR) were developed by Freddie Mac, the Federal Housing Finance Agency (FHFA), Fannie Mae, and key industry participants and went into effect October 15, 2010. The seller also must ensure that any third parties are in compliance with AIR. AIR does not speak to foreclosure data. Nothing in AIR requires a lender to obtain a property valuation, or to use any particular method for property valuation. Who manages the transfer of a CONVENTIONAL appraisal transfer from NRZ? As of this date, only Fannie Mae and Freddie Mac have agreed to adopt AIR. xeRn0+|l! PDF Table of Contents AIR applies to all loans of one- to four-unit properties, except government-insured loans as noted in Q5, delivered to Fannie Mae. However, since an appraisal report contains assignment results, which are included in the Confidentiality Section of the Ethics Rule of USPAP and the Appraisal Institute Code of Professional Ethics, the authorization process stated above in Q1 applies. Adjustments will be made to substantiate the value of the subject property. In-house appraisers may prepare appraisal reports in accordance with Section V. Yes. Fannie Mae without a new appraisal if Lender B can represent and warrant that Any exchange of information contained herein does not, and is not intended to, create or constitute an attorney-client relationship, a relationship with Lenders Compliance Group, Inc., or its Subject Matter Experts, or its affiliates and subsidiaries. The identification of intended users (and intended use) must be completed up front before scope of work determination and before the report is issued. 0000005173 00000 n 0000002244 00000 n Mortgage Compliance FAQs: Obligation to Transfer Appraisal Mortgage FAQs by Experts in Residential Mortgage Banking Creators of the Compliance Tune-up POWERED BY: LENDERS COMPLIANCE GROUP ABA Disclosure Ability to Repay ACH Adverse Action Advertisements Affiliate Marketing Affiliated Business Arrangements Affiliates AML Anti-Money Laundering APOR
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