The “Home Valuation Code of Conduct”—a new proposal forged by the “Office of Federal Housing Enterprise and Oversight “:http://www.ofheo.gov(OFHEO) and the New York Attorney General’s Office—will be covered at the upcoming Eighth Annual Predictive Methods Conference, hosted by risk management and valuation services provider Veros Real Estate Solutions (Veros).
p{=margin-bottom: 0in; font-style: normal; text-decoration: none;}. The Code, if implemented, will essentially require all lending platforms to conform to certain appraisal guidelines as a prerequisite for working with Fannie Mae and Freddie Mac. Because the proposed appraisal code is a timely topic, and one that has drawn diverse opinions from different companies and mortgage professionals, Veros is inviting speakers from both government-sponsored enterprises and OFHEO to discuss the proposed Code requirements.

“We have limited time to digest, clarify and react to the final language in the new Code of Conduct before it must be implemented,” asserted Susan Allen, who serves GMAC ResCap as vice president of Collateral Risk. “We must take what we know of the draft document and principals, and consider our options ahead of time. PMC will be a great venue to learn what others are thinking.”
p{=margin-bottom: 0in; font-style: normal; text-decoration: none;}. The Code has inspired some organizations to write openly to OFHEO with suggestions on how to improve the guidelines in an effort to save the industry from undue harm. With OFHEO still accepting the opinions of those in the industry, Veros found the upcoming conference to be the perfect place to discuss the proposed appraisal changes and any positive or negative effects the changes may have on the industry.
p{=margin-bottom: 0in; font-style: normal; text-decoration: none;}. If implemented, the appraisal code of conduct would require institutions to quickly get into compliance in order to maintain their relationships with Fannie Mae and Freddie Mac.
p{=margin-bottom: 0in; font-style: normal; text-decoration: none;}. “In response to growing questions about the new code and its implications, the decision to add these sessions was imperative,” said Veros chief executive officer Darius Bozorgi. “We decided program flexibility was of vital importance if we hope to maintain PMC’s reputation as the highest quality educational event for the industry’s risk managers. Companies that don’t response swiftly and appropriately to the new code will be putting the future of their business at risk.”
p{=margin-bottom: 0in; font-style: normal; text-decoration: none;}. The Predictive Methods Conference will be held in San Diego, California, from June 9 through June 11. Visit www.PMC2008.com for more information.