What is the home value protection program? There have been changes and some lenders will no longer be able to order an appraisal directly but will have to utilize a third party company, who will be hiring appraisers probably on a rotating basis. 
As a Los Angeles real estate agent, I receive mortgage updates constantly.  This is one I just received from Floyd Walters from BWA Mortgage.

"Fact #1:  Some lenders, some brokers, put inappropriate pressure on some appraisers to “bring in a value” on an appraisal.  They might do it by saying, “bring the value in at this amount or I won’t pay you” or “if you want all my business don’t give me any trouble with the value I request”.  My answer; throw the bums in jail, fine them, shut them down.  Cuomo’s answer; don’t let the lender order the appraisal directly or have any contact with the appraiser.  Cut off any real communication.  What the appraiser says goes. Brilliant!

Fact #2:  Section 1, item 9 of the “Code” says in part, that you are prohibited from ordering a second appraisal  “unless there is a reasonable basis to believe that the initial appraisal was flawed or tainted and such basis is clearly and appropriately noted in the loan file”.  Hum, let’s see, do you think the trial lawyers are going to have some fun with the definition of “reasonable basis to believe?”

Fact #3:  This agreement is scheduled to take affect on May 1st.  Unless, in my opinion, we are blessed with a stay of some sort, this misguided and flawed system will be implemented across the country and we will add more government bureaucracy (yes there is an oversight institute and even a hotline for the abused." 

I agree with Floyd and in addition, I’m curious about the appraiser that comes into my client’s home & drags mud or dog poo all over the carpet.  What about the appraisers who don’t call when they are running late?  Or worse, when they aren’t going to make it?  Will there be repercussions for this type of behavior?  In the past the lender would have quit using an appraiser who didn’t respect the client’s home. 

If you would like to read the full content of the agreement you can find it at :http://www.fanniemae.com/media/pdf/030308_agreement.pdf.