NEW YORK (Reuters) - Fannie Mae and Freddie Mac have agreed on a revised code of conduct that aims to improve the reliability of appraisals on mortgage loans purchased by the two home funding companies, their regulator said on Tuesday.
The amended home valuation guidelines were agreed upon by the two companies and their regulator, the Federal Housing Finance Authority, as well as New York Attorney General Andrew Cuomo.
"The Code strikes a balance of assuring enhanced protections for appraisers while maintaining lender ability to address unprofessional appraisal practices and to perform quality controls on appraisals received," FHFA Director James Lockhart said in a statement.
(Reporting by Lynn Adler)
