Does the Code apply to a loan that is insured or guaranteed by a federal agency and ultimately sold to Fannie Mae (i.e., FHA or VA loan)?
The Code does not apply to loans that are insured or guaranteed by a federal agency, such as FHA and VA loans. If a lender or appraisal management company maintains a legacy appraiser panel for which loan production staff may have recommended or influenced the selection of appraisers, is the lender required under Section III.B of the Code to reselect such panels prior to the May 1, 2009 effective date? No, the Code does not require the lender to reselect appraiser panels; however, any legacy appraisal panel must comply with the provisions of the Code.
Related Questions
- Does the Code apply to loans that are insured or guaranteed by a federal agency and are ultimately sold to Freddie Mac (i.e., FHA or VA loans)?
- Does the Code apply to a loan that is insured or guaranteed by a federal agency and ultimately sold to Fannie Mae (i.e., FHA or VA loan)?
- Does AIR apply to a loan that is insured or guaranteed by a federal agency and ultimately sold to Fannie Mae (i.e., FHA or VA loan)?
