Announced changes from Fannie Mae and Freddie Mac


As you may be aware, Fannie Mae and Freddie Mac recently announced changes with regard to how appraisers must be engaged on the residential loans they purchase after January 1, 2009. These changes have the potential to drastically influence the way that residential lending participants interface with the residential appraisal community.

As you begin to plan for the implementation of changes necessary to be in compliance, please consider IRR-Residential. When I joined IRR-Residential as their affiliate for Columbia and Greenville, I did so because of a desire to align my firm with other quality minded independent appraisal firms across the country. IRR-Residential is unique in the industry because we are singularly focused upon providing quality reliable valuations nationwide.

The IRR-Residential corporate office provides third-party management of the appraisal process including; assignment of the appraisal, monitoring contact with the borrower to insure a prompt inspection, then reviewing the appraisal report submitted to insure it was prepared in accordance with UPSAP, Fannie Mae and Freddie Mac guidelines, as well as any other lender or investor specific underwriting guidelines. IRR-Residential provides the separation from the origination process that is desired and intended with the new Fannie/Freddie changes.

Please feel free to contact me at (803) 772-9100 if I can provide additional information.

Michael B. Dodds, MAI, CCIM, MRICS
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