New rules aimed at making home appraisals more accurate are raising costs and prompting longer waits to get to the closing table, some in the mortgage industry say.The new rules — known as the Home Valuation Code of Conduct and in effect less than three months — have driven up the cost of appraisals, says Keith Stewart, a mortgage consultant with NorthPoint Lending Group in Chicago…The Federal Housing Finance Agency says the new code of conduct is necessary to make sure homes are appraised correctly and fairly. The code went into effect in May and applies to conforming mortgages, which are those that are able to be sold to Fannie Mae and Freddie Mac, the troubled government-backed mortgage agencies.
By Amy Hoak, July 27, 2009 WSJ

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