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NAR: Appraisal rules undercut tax credit

Industry groups air list of grievances

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The Federal Housing Administration's new guidelines for ordering appraisals won't have some of the unintended consequences that those put in place by Fannie Mae and Freddie Mac in May did, the National Association of Realtors says.But NAR continues to push for suspending enforcement of the Home Valuation Code of Conduct, rules governing appraisals adopted by Fannie Mae and Freddie Mac on May 1 in the wake of an investigation by New York Attorney General Andrew Cuomo.NAR was one of several real estate industry groups testifying at a congressional hearing Wednesday on extending the $8,000 first-time homebuyer tax credit. The groups used the occasion to voice concerns about other issues as well, including problems with the appraisal process and a proposal to create a Consumer Financial Protection Agency that would have jurisdiction over mortgage lenders and title insurers.FHA announced its new guidelines for ordering appraisals on Sept. 18, saying it wanted to be in "full alignment&q...