The US Department of Housing and Urban Development announced that the enactment of ML 2009-28, Appraiser Independence will be delayed until February 15, 2010.
ML 09-28 was originally planned to become effective January 1, 2010 and prohibits mortgage brokers and commission-based lender staff from the appraisal process. It also makes lenders responsible for assuring that the appraiser used for the FHA-insured mortgage is correctly identified in FHA Connection.
The effective date for ML 09-28 will now take effect for all case numbers assigned on or after February 15, 2010. The extension will provide FHA and lenders additional time to adjust systems to accommodate the changes, said an email from HUD.
It’s not clear if wholesale reverse mortgage lenders will push back requirements that brokers use Appraisal Management Companies to ensure appraiser independence.
