The housing industry is facing new national
rules for real estate appraisals, which will ban mortgage brokers from
ordering valuations and divert more business to third-party appraisal
Lenders seeking to sell their loans to
Fannie Mae and Freddie Mac will have to adopt the home valuation code
of conduct; but they have expressed some concern about the new
standard, which takes effect on May 1.
Lenders can still focus on FHA financing,
considering the agency has its own appraisal rules and does not plan to
adopt the code of Fannie Mae or Freddie Mac.
Source: Realty Times, Kenneth R. Harney (04/20/09)