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                       Bici Appraisals   

      Licensed -  Certified  Real Estate Appraisers Providing Quality Appraisal Services  Throughout                 New Jersey, New York And Pennsylvania .

     When you are in need of a quality appraisal, by qualified licensed Appraisers in New Jersey or New York, look no further. Please try us first to realize the difference a modern appraisal office can provide.

      BICI Appraisals is located in New Jersey and service all 21 New Jersey counties, along with  bordering New York.

      We can accommodate all your real estate valuation and appraisal needs, for purposes of purchasing, selling, refinancing, tax assessment appeals, probate, divorce matters, bail bonds, elimination of PMI, consolidating first and second mortgages.

      Bici Appraisals provides appraisal and valuation services for Banks, Mortgage Companies, FHA, Individuals, Lawyers, Local, State, and the Federal Goverment.  With our network of licensed staff, affiliate and associate appraisers, we can provide quality Atlantic County NJ Appraisals, Bergen County NJ Appraisals, Burlington County NJ Appraisals,  Camden County NJ Appraisals, Cape May County NJ Appraisals, Cumberland County NJ Appraisals, Essex County NJ Appraisals, Gloucester County NJ Appraisals, Hudson County NJ Appraisals, Hunterdon County NJ Appraisals, Mercer County NJ Appraisals, Middlesex County NJ Appraisals, Monmouth County NJ Appraisals, Morris County NJ Appraisals, Ocean County NJ Appraisals, Passaic County NJ Appraisals, Salem County NJ Appraisals, Somerset County NJ Appraisals, Sussex County NJ Appraisals, Union County NJ Appraisals, Warren County NJ Appraisals. 

    Within the state of New York we can provide quality,  Weschester County NY Appraisals, Putnam County NY Appraisals, Staten Island NY Appraisals, Sullivan County NY Appraisals, Orange County NY Appraisals, Rockland County NY Appraisals, Bronx County NY Appraisals, Richmond County NY Appraisals, Ulster County NY Appraisals, Dutchess County NY Appraisals, King County NY Appraisals.

Within the commonwealth of Pennsylvania, appraisal of real property services provided within the following counties, Berks, Bucks, Chester, Delaware, Montgomery, and Philadelphia.

   Again we are a leading provider of real estate valuations for the mortgage lending marketplace, and also provide private appraisals for divorce proceedings, estate appraisals, tax assessment appeal appraisals, vacant land appraisals, condominium appraisals, co-op appraisals, multifamily appraisals in New Jersey and bordering New York. With many years of experience in the business, we have a proven track record of producing quality appraisals and of reducing lenders time, efforts and costs in managing the appraisal process.

We are a leading provider of quality appraisals for:

  •     Primary and Secondary Mortgages
  •     Mortgage Refinancing
  •     Employee Relocation
  •     Private Mortgage Insurance Removal
  •     Estate Planning
  •     Divorce Settlement 

  •     Our investment in training and technology and membership in related organizations which are  providers of real estate sales, tax, listing, market trends information, coupled with knowledge of local market areas and trends, assist our appraisers in researching, analyzing, and developing an accurate opinion of market value, and production of a quality report.

        Bici Appraisals is a member of the National Association of Realtors, Liberty Board of Realtors, Staten Island Board of Realtors, and we subscribe and are members of needed and related Multiple Listing Services, to name a few, Garden State Multiple Listing Service, New Jersey Multiple Listing Service, Hudson County Multiple Listing Service, Middlesex Multiple Listing Service,  Trends Multiple Listing Service, Monmouth County Multiple Listing Service, Jersey Shore Multiple Listing Service, Atlantic Multiple Listing Service,   Greater Hudson Valley Multiple Listing Service, Westchester and Putnam County Multiple Listing Service, Mid Hudson Multiple Listing Service, Staten Island Multiple Listing Service, Brooklyn Multiple Listing Service, Queens Multiple Listing Service, GeoData Queens,  Ulster County Multiple Listing ServiceVitalgov, Ordinance, Real-Info, CoStar, as well as other online Databases and information Services, which has helped Bici Appraisals provide  quality Appraisal services throughout New Jersey and Bordering New York State.

        This has helped our customers greatly reduce their workload. By offering online appraisal ordering, coupled with automatic report status updates and electronic delivery of the final product, we are able to eliminate the run around and phone tag hassles associated with this process. And since this process saves us money as well, we can keep our rates competitive with anybody in the industry.

     1)   Short Turnaround Times

     2)   Highest-Quality Appraisal Reports

     3)   Online Status Reports

     4)   Electronic Ordering and Delivery

     5)   Competitive Pricing

        Through this web site, you can perform a number of tasks. Ordering an appraisal is just a click of a button away. Or, spend some time and find out a bit more about the appraisal business. The more you know, the better decision you can make. And check back frequently, as our content is always being updated.

        Again Bici Appraisals provides quality Real Estate Appraisal services for the following counties in New Jersey. We have qualified licensed Appraisers available seven days a week to help with your valuation needs, evenings, weekends, and emergency services are available, for purposes of purchasing, selling,  refinancing, tax assessment appeals, probate, divorce matters, bail bonds, elimination of PMI, consolidating  first and second mortgages, consulting, review. Bici Appraisals provides appraisal and valuation services for Banks, Mortgage Companies, FHA, Individuals, Lawyers, Local, State, and Federal Goverment.


    Understanding loan modification and the Making Homes Affordable Program

    A loan modification occurs when the owner of a mortgage agrees to alter one or more of the following elements of the loan: the interest rate, term, and/or principal balance.

    It is important to understand who is the true “owner” of the mortgage. The institution you make your mortgage payment to is typically a servicing company. They collect payments on behalf of an investor, who has the ultimate say in whether a loan will be eligible for modification assistance. The process of how mortgages are bundled and sold is very complex, but the important thing to remember is to approach your servicing company with an open mind and patience. It also helps to research and understand the programs that are available.

    In March, the Department of Treasury announced the Making Homes Affordable initiative. There are two components — the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP). HARP provides an option for homeowners who have stayed current on their mortgage to refinance and take advantage of today’s low interest rates even though values have dropped below normally accepted levels. The current guidelines allow for refinances up to 125 percent of appraised value. The investor or owner of your mortgage must be either Fannie Mae or Freddie Mac in order to qualify for this program.

    The more widely used program is HAMP. Any servicing company or investor is eligible to participate in this program, and there are financial incentives for each loan that is successfully modified. The goal of the program is to bring the total housing payment down to 31 percent of the gross household income. Total housing payment includes principal, interest, taxes, insurance and association dues, if applicable. It would also include private mortgage insurance if it is a part of your current mortgage payment. You must have verifiable income in order to qualify for assistance through this program. All eligible loans will enter into a 90-day trial period. You will be required to submit updated income documents at the time the trial modification is offered. If you comply with the terms of your trial modification and the income is appropriately verified, you should receive a permanent modification to your mortgage.

    The new payment will be achieved through the use of three options in order: 1) reduction in interest rate; 2) extension of mortgage term to a maximum of 40 years from the date of modification; 3) forbearance of principal creating a balloon payment at maturity.

    It is important to note that each and every file is reviewed for assistance based on income qualification and need, and everyone’s situation is different. Modification of your existing mortgage cannot be guaranteed by anyone. You should not pay for modification assistance on your primary residence loan.

    If you have questions about the Making Homes Affordable program, you can find more information at






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    Today's Rates

    Mtg Loan Rate APR
    30-yr Fixed 3.47% 3.58%
    15-yr Fixed 2.78% 2.93%
    1-yr Adj 2.74% 3.4%
    * national averages

     Home Valuation Code of Conduct Frequently Asked Questions (FAQs) Updated July 2009 To help enhance the integrity of the home appraisal process in the mortgage finance industry, in March 2008, Fannie Mae entered into an agreement with our regulator – the Federal Housing Finance Agency (FHFA) (then the Office of Federal Housing Enterprise Oversight) – and the New York Attorney General’s office to adopt certain policies relating to appraisals for loans delivered to us. Following a public comment period, the Home Valuation Code of Conduct was modified and became effective for single-family mortgage loans (except government-insured loans) originated on or after May 1, 2009, and delivered to Fannie Mae. NOTE: This document was previously updated in March 2009. Questions that are new or substantively updated in this (July 2009) version are indicated by NEW or UPDATED . Scope of Coverage Q1.        What loans are affected by the new Home Valuation Code of Conduct? Fannie Mae has agreed to adopt the Home Valuation Code of Conduct (“the Code”) for all conventional, single-family loans originated on or after May 1, 2009, that are delivered to Fannie Mae. For purposes of the Code, origination date means the date of the application. The Code will not apply to multifamily loans, or to loans insured or guaranteed by a federal agency; the Code only applies to 1- to 4-unit single-family loans sold to Fannie Mae. The Code will not apply to loans sold to Fannie Mae on or after May 1, 2009 that were originated prior to May 1, 2009. Q2.        What are the professional requirements for an appraiser under the Code? The Code requires that an appraiser must be licensed or certified by the state in which the property to be appraised is located. Q3.        Does the Code allow an appraiser to update an appraisal for another lender? Yes. The Code does not prevent an appraiser from performing an update of an appraisal for another lender. Q4.        Does the Code apply outside of New York State? Yes. There is no geographic limitation. Q5.     Who besides Fannie Mae has agreed to adopt the Code? Are the Federal Home LoanBanks participating? The FHA? As of this date, only Fannie Mae and Freddie Mac have agreed to adopt the Code. Q6.             After May 1, 2009, is it permissible for Fannie Mae to purchase private label securities backed by mortgage loans that do not meet the requirement of the Code? Yes. The Code applies only to 1- to 4-unit single-family loans sold to Fannie Mae by mortgage originators. It does not extend to Fannie Mae’s investments in mortgage-related securities. Q7.        Does the Code require lenders to obtain appraisals where they were under no such requirement pursuant to the Fannie Mae Selling Guide? No, nothing in the Code requires a lender to obtain a property valuation, or to use any particular method for property valuation. Nor does the Code affect the acceptable scope of work for an appraiser in connection with a particular assignment. Q8.        How does Section I.B.(8) impact how lenders may remove appraisers from a list of qualified appraisers? Section I.B.(8) addresses the removal of an appraiser from a list of qualified appraisers in connection with influencing or attempting to influence the outcome of an appraisal. Any such removal would be subject to the requirements of the process outlined in that section. However, Section I.B.(8) does not preclude the management of appraiser lists for bona fide administrative reasons based on written, management-approved policies. Also, Section IV.B.(6) provides for lenders to have written policies and procedures implementing the Code including rules on appraiser independence, and to have mechanisms in place to report and discipline anyone who violates these policies and procedures. Q9.        Does Section I.B.(9) specifically prohibit a lender from ordering a second appraisal? No. Section I.B.(9) only prohibits a lender from ordering a second appraisal when they are attempting to influence the outcome of the first appraisal and are now “value-shopping.” As a risk control measure for certain loan products, it may be common for a lender to order more than one appraisal, and this subsection does not prohibit that practice. Q10.   Does the Code specifically prohibit communication with an appraiser by a real estateagent? No. Q1 1.   Does Section II of the Code require the lender to provide the appraisal free of charge? No. The Code requires the lender to provide, free of charge, a “copy” of any appraisal report completed in association with a specific loan. The lender may require the borrower to reimburse the lender for the cost of the appraisal. Q12.      What is the time frame for providing the “copy” of the appraisal? The lender must provide the copy promptly upon completion of the appraisal, but no less than three business days prior to closing. The lender may use any means to provide the copy, including but not limited to via mail, e-mail (electronic message), overnight delivery, etc., as long as the borrower receives the copy no less than three business days prior to closing. Q13.                  Can you clarify the requirements around Section II of the Code requiring the NEW borrower’s receipt of the appraisal? The Code requires that a borrower be provided a copy of the appraisal no less than three days prior to the closing of the loan. The Code allows that the borrower may waive this three-day requirement. Situations where a borrower is unaware of his or her right to a copy of the appraisal prior to the three days and is then provided a waiver of that right at the closing table,      would not be compliant with the intent of the Code. The time period of rescission in a refinancing situation does not constitute a valid three-day waiver period. The Code does not specify what form the waiver must take or whether it be oral or written. In addition, the Code does not prohibit that a waiver, given in a timely manner, be recorded at some later point when the parties are available. Each lender must develop its own policies, procedures, and documentation. For example, a lender may obtain a waiver from a borrower through an email, phone call, or some other means, prior to the three-day period, and then have that waiver recorded in writing at the settlement table or at some other time. The three-day period begins on the day of the receipt of the appraisal. For example, in a non-waiver situation, where a borrower received an appraisal on Monday, the closing could be held on Wednesday. Saturday is included for purposes of counting the three-day period. Sundays and legal holidays are not included for counting the three-day period. Q14.                  This new FAQ clarifies Section II of the Code. Lenders may have had different NEW interpretations prior to the issuance of this FAQ. May lenders submit to Fannie Mae their pipeline loans that were originated in good faith compliance with their, possibly different, interpretation of Section II of the Code? Yes; however, Fannie Mae expects that processes which comply with the clarification of Section II above will be implemented as soon as reasonably possible, but no later than September 1, 2009. Q15.                  The Code requires the lender to provide the borrower a copy of any appraisal NEW report concerning the borrower’s subject property promptly upon completion. In this instance, what is meant by “completion”? The word “completion” is meant to reflect when the lender has reviewed and accepted the appraisal to include any changes or corrections required. Q16.               How is “closing” of the loan defined? Is closing the date the documents are NEW executed or the date the funds are disbursed? We define “closing” as the date the borrower executes the loan documents. Q17.      How is the lender required to provide the borrower with a copy of the appraisal? The Code does not provide a specific method of delivery. The lender is responsible for ensuring that the borrower receives a copy of the appraisal. Q18.      Section II of the Code allows the borrower to waive the three-day requirement for receiving a copy of the appraisal. What is an acceptable procedure if the borrower chooses to waive the three-day requirement? The lender is responsible for establishing a process and procedure for documenting the borrower’s waiver of the three-day requirement. Q19. Does the Code prohibit an appraiser from collecting payment for the appraisal directly from the borrower? Yes, for loans to be delivered to Fannie Mae. The Code requires the lender or any third party specifically authorized by the lender to select, retain, and provide for all compensation to the appraiser. Q20.           Who should be considered the “loan production staff” for purposes of achieving appraiser independence? The term “loan production staff” is not defined in the Code. However, the FAQs prepared by federal agencies on the agencies’ appraisal regulations specify as follows: “The loan production staff consists of those responsible for generating loan volume or approving loans, as well as their subordinates. This would include an employee whose compensation is based on loan volume or the closing of a loan transaction. Employees responsible for the credit administration function or credit risk management are not considered loan production staff.” Q21.      Are processors, closers, secondary marketing employees, underwriters, etc. NEW permitted to order appraisals if they do not receive commission or incentives to close loans, but they ultimately report up to a senior-level employee who is responsible for loan production? The Code states that members of the lender’s loan production staff who are compensated on a commission basis or who report to any officer of the lender not independent of the loan production staff and process are not permitted to order appraisals or influence the selection of appraisers. Ideally, a Seller should establish complete separation of appraisal activities from loan production activities. At an absolute minimum, the degree of separation should be no less than one level up in the reporting structure. To mitigate any potential conflict of interest due to reporting relationships, Sellers should establish, maintain, and enforce written policies and procedures that are designed to reinforce independence. Q22.      What is the definition of a “correspondent” lender? A “correspondent” is a third-party entity that may originate and underwrite the mortgage. The correspondent closes the mortgage in its own name with its own funds, and sells it to the lender. The mortgage is sold to Fannie Mae by the lender. Q23.      Does the Code apply to other valuation methods (i.e., automated valuation models [AVMs], broker price opinions [BPOs], tax assessments, etc.)? No, the Code applies only to appraisals. Q24.      May lenders rely on appraisals ordered by settlement service firms? Yes. Settlement service firms may order appraisals if they comply with the Code, Sections IV.C.(1) and (2). Q25.      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. Q26. 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. Q27.           Does the Code apply to the Desktop Underwriter® Property Inspection Report (Form 2075)? No, Form 2075 is an inspection report. It is not an appraisal, and therefore the Code does not apply. Q28.      Does the Code apply to appraisals performed for loss mitigation? The Code applies to loans originated and sold to either Fannie Mae or Freddie Mac. It does not apply to appraisals performed for loss mitigation purposes. Q29.      How will Fannie Mae audit compliance with the Code? Compliance with the Code will be part of the lenders’ operational review. Q30.    Section IV.E. of the Code allows an exception to Section IV if the Seller meets the definition of a “small bank” and Fannie Mae determines the Seller would suffer a hardship due to the provisions of Section IV of the Code. What are the requirements for this provision? An institution falls under the provisions of Section IV.E. of the Code if it is a seller/servicer of Fannie Mae, a regulated financial institution with asset values as specified in 12 U.S.C. §2908, and meets the requirements, if any, of the institution’s regulatory agency regarding the Interagency Appraisal and Evaluation Guidelines (SR Letter 94-55 and revisions). As with the entire Code, this provision is subject to Fannie Mae’s representations and warranties. Sellers falling under Section IV.E. are still required to comply with the remainder of the Code, including Section III, which duplicates many of the requirements of Section IV. Q31.      Is a Seller required to submit documentation to Fannie Mae to take a Section IV.E. exemption? Fannie Mae does not require a Seller to submit documentation to become exempt pursuant to Section IV.E of the Code. A Seller claiming this exemption, however, represents and warrants that it meets the criteria of Section IV.E. Q32.      Is the definition of application date the actual date of the application or the date of receipt of the application by the lender? The application date is defined as the date the borrower(s) signed the application certifying that the information is correct. Selection of an Appraiser Q33.              Does the Code change any of Fannie Mae’s requirements regarding the role of the NEW appraiser? No. The Selling Guide requirements for the appraiser remain at their same high level. Fannie Mae requires the appraiser to provide complete and accurate reports; to report neighborhood and property conditions in factual and specific terms; to be impartial and specific in describing favorable or unfavorable factors; and to avoid the use of subjective, racial, or stereotypical terms, phrases, or comments in the appraisal report. The opinion of market value must represent the appraiser’s professional conclusion, based on market data, logical analysis, and judgment. Additionally, it is important to note that when an appraiser signs Fannie Mae’s residential appraisal report form, the appraiser is also certifying the following:      “I have knowledge and experience in appraising this type of property in this market area.” And “I am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records, and other such data sources for the area in which the property is located.” Q34.               Does the Code require or prohibit the use of foreclosure data by appraisers? NEW The Code does not speak to foreclosure data. It is up to the appraiser to determine if the data is applicable and appropriate or not. Q35.      When selecting an appraiser, may lenders use a pre-approved appraiser list or panel? Yes. Lenders may use a pre-approved list or panel to select a residential appraiser, provided that (1) any employees of the lender tasked with selecting appraisers for the list are independent of the loan production staff; and (2) the loan production staff is not involved in selecting appraisers off the list for particular appraisal assignments. Q36.      May a servicer use an affiliate company to order appraisals for borrower-initiated private mortgage insurance cancellation based on current value? Yes. The Code does not apply to appraisals for cancelling mortgage insurance based on current value. The Code is specific to “a mortgage financing transaction,” and cancellation of mortgage insurance is not “a mortgage financing transaction.” The Fannie Mae Servicing Guide states that “To determine the current appraised value of the property, the servicer must select an appraiser, order a new appraisal (which must be based on an inspection of both the interior and exterior of the property and be prepared in accordance with our appraisal standards for new mortgage originations).” Q37.      Some lenders have proprietary automated origination systems that include a process for ordering appraisals. How does the Code impact those systems? The lender must review its systems to ensure that the selection of appraiser process is in compliance with the provisions of the Code. In-House Appraisers Q38.      May in-house appraisers prepare appraisal reports? Yes, in-house appraisers may prepare appraisal reports if the conditions of Section IV.B. are met. Q39.      May a lender’s in-house appraiser adjust the value on an appraisal during an appraisal review as part of a pre-funding or post-funding quality control process? Yes, a lender may use an appraisal that has been adjusted by an in-house appraiser during a review process. The Code does not prohibit the underwriting of an appraisal by a lender’s underwriting staff. The Code does not prohibit a lender’s due diligence in originating a loan. Q40.      May a correspondent lender use in-house appraisers? Yes, a correspondent lender may use in-house appraisers if they meet the criteria in Section IV.B. of the Code. Q41. Are any institutions excluded from these restrictions on the use of in-house appraisers? Yes. Please refer to Qs 30 and 31.      Appraisal Management Companies (AMCs) Q42.   Is a lender required to use an AMC for ordering appraisals? No. A lender may order appraisals directly from an individual appraiser. Q43.   May an AMC affiliated with, or that owns or is owned in whole or in part by the lender or a lender-affiliate, order appraisals? Yes, an AMC affiliated with, or that owns or is owned in whole or in part by the lender or a lender-affiliate, may order appraisals if the AMC meets the criteria of Section IV.B. of the Code. Q44.   May a lender direct a mortgage broker to a specifically authorized AMC that will receive information from the broker about the loan application and begin the appraisal process? Yes, as long as the lender has previously arranged for its appraisal process to be managed by the specifically authorized AMC. This process is compliant with the Code because the broker is not responsible for selecting, retaining, or providing for payment of compensation to the appraiser. Q45.   May a lender that uses a group of specifically authorized AMCs direct a broker to use a specific AMC from the group to submit information about the loan application and begin the appraisal process. Yes. As stated in the answer to Q44, this process is compliant with the Code because the broker is not responsible for selecting, retaining, or providing for payment of compensation to the appraiser. Q46.   May a lender order an appraisal by directing a broker to select an AMC from among a group of specifically authorized AMCs, one of which would receive information from the broker about the loan application and begin the appraisal process? No. Such a process would give the broker an element of responsibility for selecting or retaining the appraiser, and therefore would not be compliant with the Code. Q47.   May a lender direct a broker to use a web portal set up either by the lender, or by the lender’s authorized agent, through which the broker inputs a request for an appraisal and then triggers the lender’s system to order an appraisal? Yes. Mortgage Brokers Q48.   May a lender accept an appraisal prepared by an appraiser that was ordered by a mortgage broker? No. The Code does not allow a lender to accept an appraisal prepared by an appraiser that was ordered by a mortgage broker as noted in Section IIIA. of the Code. Q49.   May a mortgage broker provide the lender with an approved appraiser list for the lender to use when ordering appraisals for that particular broker? No. Q50.           May a mortgage broker order an appraisal directly from an AMC that was specifically authorized by the lender? The Code prohibits brokers from ordering appraisal services, but brokers may initiate the appraisal process on a lender’s behalf in accordance with arrangements made by the lender. See Q44 for details. Q51.      Does the Code permit a mortgage broker to select an appraiser from the lender’s list of approved appraisers, if the lender is responsible for the relationship with the appraiser, including compensation? No. The Code prohibits lenders from relying on an appraisal where the broker had a role in selecting, retaining, or compensating the appraiser. Portability of the Appraisal Q52.      May an appraisal be transferred to a lender from a correspondent lender and, if so, under what circumstances? Yes, a lender may accept an appraisal from a correspondent lender that complies with the Code. Q53.    A mortgage broker submits a loan to lender A, which orders an appraisal. The broker later decides to submit the loan to lender B because it is offering better terms, or for another reason. May the appraisal obtained by lender A be used by lender B (assuming the mortgage broker has no control over or involvement in the assignment)? Yes, a lender may accept an appraisal from a different lender that complies with the requirements of the Code and in particular Section III.A. in connection with the loan being originated. Lender A must be named as client on the appraisal report. Q54.    Lender A (an approved Fannie Mae Seller/Servicer) originates and closes a loan in its name, but sells it to lender B (another Fannie Mae approved Seller/Servicer), which in turn sells that loan to Fannie Mae. Is lender B under any obligation to obtain a new appraisal? No. Lender B may buy a closed loan from Lender A and sell the loan to Fannie Mae without a new appraisal if Lender B can represent and warrant that any appraisal conducted in connection with the loan conforms to the Code. Q55.    Section III.A of the Code allows a lender to accept an appraisal prepared by an appraiser for a different lender, provided the lender: (1) obtains written assurances that such other lender follows the Code in connection with the loan being originated; and (2) determines that such appraisal conforms to its requirements for appraisals and is otherwise acceptable. Will Fannie Mae provide a standard form to the lender so that the written assurance can be documented? Fannie Mae will not provide a standard form. The lender is responsible for documenting the written assurance from the other lender. Q56. Can an AMC or a third-party designee provide the written assurance (referenced in Q55) or does the assurance have to come from the prior lender? The assurance must come from the original lender.      Payment for the Appraisal Q57.      If the appraisal is ordered by the lender in a Code-compliant manner, are there any specific requirements about how the payment for the appraisal is transferred to the lender? Except for the requirement that the broker may not be responsible for payment of compensation to the appraiser, the Code does not restrict how a lender obtains fees from a broker. So, for instance, a borrower may write a check to a broker, or provide their credit card information to a broker, for the broker to send to the lender or to an agent authorized by the lender. Q58.      Are borrowers precluded from providing payment for an appraisal to an AMC? The Code does not prohibit a borrower from providing payment to an AMC; however, the borrower may not pay the appraiser directly for an appraisal. Appraisal Review Q59.      Who on the lender's staff, or on the staff of an authorized third party, may have UPDATED communications with an appraiser to request a correction of objective factual errors in an appraisal report? Communications with an appraiser regarding the corrections of objective factual errors in an appraisal report may be made by anyone on the staff of the lender, or on the staff of an authorized third party.   Q60.      Who on the lender's staff, or on the staff of an authorized third party, may have NEW communications with an appraiser relating to or having an impact on valuation, including ordering or managing an appraisal assignment? Anyone who is not part of loan production staff or who is not compensated on a commission basis upon successful completion of a loan or anyone who does not report, ultimately, to any officer of the lender not independent of the loan production staff or process, may have communications with an appraiser relating to or having an impact on valuation, including ordering or managing an appraisal assignment. Q61.      Does the Code prohibit the appraiser from talking with the Realtor involved in the NEW subject transaction? Can the Realtor provide comparable data and/or explain their pricing strategy to the appraiser? The Code does not prohibit the appraiser from talking with the Realtor; Realtors can often be a source of data in the market in which the subject property is located. Any data provided by a third party must still be researched and verified independently by the appraiser. In addition, the appraiser is required to be provided a copy of the sales contract for a purchase money transaction. Quality Control Q62.      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 I, Section 301.01, Quality Assurance System, will satisfy the requirement of Section VI. Q63.           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. Independent Valuation Protection Institute (IVPI) Q64.      What is the status of the IVPI? The structure of the IVPI has not yet been determined and the IVPI has not yet been established. Therefore, the provisions in the Code regarding the IVPI are not yet effective. View the Code on

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    The creator of the theatrical spoof “Spamilton” has a home in Ivoryton, Conn...Read More
    The Hunt: The East Village for Dog and Owner
    10/27/2016 4:00 AM
    Caroline Turner sought a place big enough for her and her pet — but not too big...Read More
    International Real Estate: House Hunting ... in Canada
    10/26/2016 8:30 AM
    The anticipation of the 2010 Winter Olympics lessened the effect of the 2008 financial turndown on real estate in Whistler, B.C...Read More

    Key Moments in the Downfall of Anthony Weiner
    10/28/2016 5:56 PM
    The personal troubles of Mr. Weiner began to come into public view in 2011, and matters have gotten worse...Read More
    Merciless End for a Long Island Cop Killer
    10/28/2016 4:00 AM
    John MacKenzie, who murdered Officer Matthew Giglio in 1975, repented and became a model inmate, but was repeatedly denied parole. It was too much for him to bear...Read More
    In Rare New Jersey Swing District, House Race Becomes a Brawl
    10/28/2016 3:36 PM
    Representative Scott Garrett, a Republican, is facing a well-financed Democratic opponent, Josh Gottheimer, to serve the state’s Fifth Congressional District...Read More
    For 22 Unclaimed Bodies in New York, a Grim Path From Death to Burial
    10/27/2016 4:00 AM
    Without consent from relatives, the bodies were “lent” to a medical school and then left in a bureaucratic limbo by the medical examiner’s office, revealing continuing problems with the city’s mortuary system...Read More
    New York Theater Artists’ Latest Muse: Donald Trump
    10/28/2016 1:52 PM
    Mr. Trump’s presidential run has inspired operas and violin concertos, and has breathed new life into a 1941 Bertolt Brecht play about a mobster’s rise...Read More
    A Sculptor Reaps the Rewards of Art Deals Brokered in the Bedroom
    10/27/2016 1:48 PM
    Five years ago, the artist Skye Ferrante found a direct line to wealthy clients through a few new business partners: models who also worked as high-end prostitutes...Read More
    Growing Up in New York, the City That Never Naps
    10/27/2016 5:06 PM
    The New York Times asked readers to recall a moment when their child, or a child they knew well, said or did something that made them think, “This is a New York City kid.” Here is a selection of those responses...Read More
    Sales in Trump Buildings Fall Off
    10/28/2016 4:03 AM
    This presidential campaign season has had an impact on the Manhattan residential properties that carry the Trump name...Read More
    About New York: Why You’re Still Stuck on the Bus
    10/27/2016 6:33 PM
    New York"s buses are moving slower than ever, and activists want the city and the M.T.A. to use tactics from other cities to speed them up...Read More
    Licensed to Eat Fire (Valid One Year Only)
    10/28/2016 3:41 PM
    In light of New York City’s requirement of licenses for fire eaters, Ilise S. Carter (stage name: the Lady Aye) explains why she is a sideshow performer...Read More

    HUD Announces Agreement with City of Flagstaff and Housing Authority to Resolve Discrimination Claims
    10/26/2016 7:07 AM
    WASHINGTON � The U.S. Department of Housing and Urban Development announced today an agreement with the City of Flagstaff, Arizona, and the Flagstaff Housing Authority resolving allegations that they denied the reasonable accommodation requests of a resident with disabilities...Read More
    HUD Charges Ohio Housing Authority with Discriminating Against Family with Disabilities
    10/26/2016 7:07 AM
    WASHINGTON � The U.S. Department of Housing and Urban Development (HUD) announced today that it is charging the Trumbull Metropolitan Housing Authority in Warren, Ohio with violating the Fair Housing Act by denying the reasonable accommodation requests of a family that includes a father and daughter with severe disabilities...Read More
    FHA to Lower Owner-Occupancy Requirement for Certain Condominium Developments
    10/26/2016 7:07 AM
    WASHINGTON - The Federal Housing Administration (FHA) today announced that, under certain circumstances, it will lower its required owner-occupancy standard for approved condominium developments effective immediately...Read More
    HUD and Census Bureau Report New Residential Sales in September
    10/26/2016 7:07 AM
    WASHINGTON � Sales of new single-family houses in September 2016 were at a seasonally adjusted annual rate of 593,000, according to estimates released jointly today by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau...Read More

    2.5 million consumers hit by financial crisis ready to reenter housing
    10/28/2016 5:37 PM
    The time frame for borrowers who were significantly hit after the financial crisis to improve their credit score is about to happen, opening the door for a lot of consumers to reenter the housing market. Are you ready for this huge group of borrowers...Read More
    Zillow partnering with Facebook to increase real estate agents" reach
    10/28/2016 5:09 PM
    In a move that shows how much better companies are getting at reaching their desired audiences no matter where they are, Zillow announced a partnership this week with Facebook that will allow Realtors and real estate agents to target potential homebuyers directly on their Facebook feed...Read More
    OCC reveals major information security breach involving former employee
    10/28/2016 3:34 PM
    The top U.S. banking regulator revealed Friday that a former employee downloaded thousands of files from the agency’s servers without authorization nearly a year ago and that the agency has not yet been able to recover those files. Click the headline to read more...Read More
    Happy Halloween! Here are the top spots with the most “haunted” houses
    10/28/2016 3:20 PM
    It’s that time of year again. Have you seen your fill of haunted houses yet? If you live in one of these cities, you may not need to go far. These top 10 zip codes have the most haunted houses, or homes that are left vacant after the homeowner passes away. One city stands out above the rest...Read More
    Campaign pain: What does this election season mean for mortgage finance?
    10/28/2016 3:00 PM
    It seems like we"ve gone from caucus to raucous this election year.  Anyone not bombarded by the rancor is probably hiding under a rock. The rest of us, however, are left wondering not only who will occupy the White House next, but what we"re in for. For mortgage and real estate professionals, there"s some interesting solace to be found in his...Read More
    Fitch: Wells Fargo mortgage servicer ratings unaffected by fake account scandal
    10/28/2016 2:56 PM
    While Wells Fargo is fighting to earn back its customers’ trust and fighting off various forays from legislators because of the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses, the bank’s ability as a mortgage servicer is still on solid footing, according to a new repot from Fitch Rat...Read More
    Here are 5 big insights from the new HMDA data
    10/28/2016 1:00 PM
    The release of the Home Mortgage Disclosure Act data for 2015 at the end of September gave an important status update on mortgage origination market. Most notably, it showed the market continued to benefit from an improved housing market in 2015. Here are five takeaways from the new HMDA data set, according to one expert economist...Read More
    Consumer sentiment falls to lowest level in 2 years
    10/28/2016 12:41 PM
    Consumers’ confidence in the economy reached a two-year low in October. Experts are now analyzing whether this dip is due to an economic downturn, or just a dip right before the presidential election...Read More
    Feds appeal decision to release #FannieGate memos
    10/28/2016 10:39 AM
    The government is now fighting back against the court’s decision that ordered them to release 56 documents to the public that could show that the Treasury took over Fannie Mae and Freddie Mac despite the secondary mortgage market firms being adequately capitalized. Now, however, the government claims the judge made that decision based on a misunder...Read More
    Could GDP growth lead to interest rate hike next week?
    10/28/2016 9:11 AM
    GDP growth came in higher than expectations, and experts are now saying that the Fed could be tempted to raise interest rates even as soon as next week. Here’s what they say about that, and how the improved GDP could affect next year’s home sales...Read More

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