One of the complaints i have been hearing from local realtors is alot of the appraisals are being done from appraisers in from Dallas and Houston. This might help.
Professional Affiliation among Freddie Mac's New Appraisal “Best Practices”
Among Freddie Mac’s newly revised guidelines for mortgage lenders is an emphasis on the use of qualified and experienced real estate appraisers, including language that advocates hiring professionally affiliated valuation professionals. According to revised Freddie Mac guidelines, “Sellers should consider membership in a professional appraisal organization as a qualification criterion.” Such language is seen as a victory by professional appraisal organizations, who for years have been asking for greater emphasis on the qualifications of appraisers and policies that promote the use of highly qualified and experienced appraisers. “We applaud Freddie Mac for addressing this important requirement that will have a positive effect on millions of home buyers and sellers,” said Jim Amorin, MAI, SRA, president of the Appraisal Institute.
Amorin said the recognition of professionally designated appraisers has been a missing component in mortgage reform, particularly as banks look to mitigate their lending risks. “These new guidelines are the right long-term solution for consumers and appraisers and will instill confidence in the safety and soundness of the mortgage lending process,” he said. Freddie’s revised guidelines are similar to the regulations already employed by Fannie Mae. According to Fannie’s guidelines, “Professional appraisal designations can be helpful in evaluating an appraiser’s qualifications, particularly when the designation is from a nationally recognized organization that has formal experience, education and ethics requirements that are strongly administered.” In addition to promoting professionally affiliated appraisers, Freddie’s revised guidelines also require that an appraiser must be “familiar with the local market" in which the properties they are valuing are located; must choose "appropriate comparable sales"; and must certify those comparables as the "most similar" to the property being appraised. Freddie Mac issued the appraisal bulletin to lenders last week amid industry criticism that the Home Valuation Code of Conduct has had unintended consequences for the home buying and selling process.
To access Freddie Mac’s newly revised guidelines, visit www.freddiemac.com/sell/guide/bulletins/pdf/bll0918.pdf