The Home Valuation Code of Conduct required the creation of the IVPI (I wasn't going to spell that out twice). This entity was to serve as a body that would accept referrals and complaints about noncompliance with the HVCC. Fannie Mae issued a Lender Letter recently to note that the IVPI is not in place yet. It is still being finalized. A temporary process will be put in place until the IVPI starts rolling. Read all about it here.
Editor's Note: IVPI does look like a Roman Numeral, but it isn't. The P won't work. For anyone who wants to quickly convert Roman Numerals into normal numbers (and vice versa), go here.
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Fannie Mae also issued Announcement 09-11, which discusses the Nationwide Mortgage Licensing System, as required by the S.A.F.E. Act. Read all about it here. Of note:
Q4. When will the federal banking agencies, Federal Financial Institutions Examination Council, and Farm Credit Administration have a system for registering employees of federally insured depository institutions and their subsidiaries?
A specific date has not been set, but Fannie Mae will communicate updates to lenders as more information becomes available. Lenders are expected to comply with their regulators’ requirements as systems and processes are established.
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