Just in case you are wondering why buying a home.....

Just in case you are wondering why buying a home and the escrow period may take longer than 30 days.....

... the Home Valuation Code of Conduct went into effect May 1st ... as a result, we are seeing longer escrows and later closing dates.


- Requires absolute independence within a lender's organization between the appraisal function and loan production and limits communication with the appraiser.

- A lender's loan production staff is prohibited from being involved in the selection of the appraiser, or having any substantive communications with an appraisal management company about valuation.

For more information: http://www.freddiemac.com/singlefamily/docs/030308_valuationcodeofconduct.pdf