Revised Appraisal Code Irks Brokers, Appraisers

[Veronica Corningstone]

The revised Home Valuation Code of Conduct fails to address appraiser fraud, an announcement from the National Association of Mortgage Brokers said. "This agreement amounts to a de facto regulatory action which avoids the appropriate process," NAMB's president said in the statement. The American Society of Appraisers is also unhappy with aspects of the revised code, especially the increasing reliance on unregulated appraisal management companies.

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