The independent dispute-resolution option recently announced by Fannie Mae and Freddie Mac was billed as the last step in the three-year effort to re-duce seller buybacks, but the govern-ment-sponsored enterprises have a new project in the works. The GSEs are working on a “com-plementary effort to assess the possibility of granting appraisal-related representation-and-warranty relief shortly after acquiring a loan,” the Federal Housing Finance Agency revealed in its recent progress report on the GSEs. Fannie and Freddie last year rolled out new tools to help lenders assess appraisal quality...