New home appraisal rules put on ice

As part of their vote on a new consumer finance regulation bill on Thursday, lawmakers placed an 18-month moratorium on the Home Valuation Code of Conduct, a controversial new(ish) rule that governs the home appraisal process. The HVCC separated the mortgage broker from the appraiser, who instead reported to the lender. Not surprisingly, the broker community reviles the rule, which they say adds time and cost to the loan closing process.

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Tags: financial regulation, Home Valuation Code of Conduct, housing market, legislative issues, residential real estate