Appraisers shunning FHA work

New rules governing appraisals on loans slated for purchase by Fannie Mae and Freddie Mac are also affecting valuations conducted for loans guaranteed by the Federal Housing Administration, trade groups representing appraisers say.

The Home Valuation Code of Conduct, which went into effect May 1 for loans destined for purchased by Fannie and Freddie, has caused "a significant transfer" of appraisals ordered by mortgage brokers to appraisal management companies, the groups said.

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