HUD Delays New FHA Appraiser Guidelines

The Department of Housing and Urban Development (HUD) postponed implementation of new rules meant to promote objectivity for appraisers and minimize interference from lenders of Federal Housing Administration (FHA)-backed mortgages. According to an FHA memo obtained by HousingWire, the January 1, 2010 implementation of Mortgagee Letter (ML) 2009-28 (download here) won’t take affect until February 15, 2010. The new FHA regulations are similar to those implemented by the government-sponsored enterprises (GSEs) to ensure appraiser independence with the Home Valuation Code of Conduct (HVCC).

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