NAR submitted comments to the Federal Housing Finance Agency (FHFA) in response to its request for input on "Proposed Collection; Comment Request: 'Minimum Requirements for Appraisal Management Companies (AMC)."
In the letter, NAR stated that weak oversight and enforcement of AMCs’ requirement to provide rationale for an appraiser’s removal or reduced usage on a panel result in violations of appraisal independence. Further, NAR argues that appraisers should have a viable vehicle to lodge complaints with adequate whistle blower protections. Weak oversight and enforcement by Fannie Mae and Freddie Mac (the GSEs) and the Federal Housing Finance Agency (the FHFA) can impact the quality of service provided to the consumer and undermine the safety and soundness of the GSEs and the housing finance system.