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November 29, 2009

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Guinn issues HUD remedy

Friday, Sept. 17, 1999 | 1:58 a.m.

The situation arose when the Department of Housing and Urban Development issued a new requirement for appraisers that conflicted with existing state law.

"This is an interim measure that will solve the conflict between federal and state regulations and avoid a scenario in which thousands of people have their loan process delayed," Guinn said.

The federal agency required in its rules' change that certain home inspection processes be performed by appraisers as part of the loan process. But Nevada law prevents appraisers from conducting some of the newly required reviews because of license limitations.

Guinn's order mandates a grace period of no more than 18 months to allow appraisers to perform the mandated reviews.

The state Real Estate Division will retain the right to investigate any complaint that an appraiser is acting irresponsibly or to the detriment of public health and safety, the executive order says.

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