Appraisers want new rules rescinded

WASHINGTON — A letter Wednesday to the Housing and Urban Development Department asks the agency to rescind rules regarding real estate appraisals claiming they lead to the use of under-qualified appraisers.

The Appraisal Institute and three other appraisal groups argue HUD’s restrictions on total appraisal fees are driving competent appraisers away from mortgage programs backed by the Federal Housing Administration and other mortgage programs.

Effective May 1, the rules have drawn fire from numerous groups, including the National Association of Realtors and the National Association of Mortgage Brokers.

The letter also said appraisal management companies are using appraisers from distant locations who’ll work for less money, hurting the quality of appraisals.