Does the Code require lenders to select appraisers on a rotational basis to perform appraisals?
No. Lenders may choose to use a rotating roster of appraisers, but this is not a requirement of the Code. • Does the Code require an appraisal where lenders were previously not required to complete one or when Freddie Mac does not require an appraisal valuation? (For example, if the value has not declined since the original appraisal was completed on a Freddie Mac owned streamlined refinance.) No, Section IX of the Code states that it shall not be construed to establish new requirements or obligations that require the lender to obtain a property valuation, or use any particular method for property valuation (such as an appraisal or AVM).
