Back in September 2009 FHA officials outlined a number of risk management initiatives, including a new appraisal policy.
"FHA does not require the use of appraisal management companies or other third party providers, but it does require lenders take responsibility to assure appraiser independence," FHA officials said.
FHA officials initially set a January 1, 2010 effective date. Officials have now concluded that FHA lenders need more time to change to their systems and decided to give them 45 more days, according to sources.
The Federal Housing Administration is temporarily delaying the effective date of its new policy to shield appraisers from loan officer and mortgage broker pressure until February 15, 2010.
The new policy would put FHA in synch with Fannie Mae and Freddie Mac and prohibit commission-based staff and brokers from selecting appraisers.
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