WASHINGTON (10/19/10)—Real estate appraisers will be “free to use their independent professional judgment in assigning home values without influence or pressure from those with interests in the transactions” and will “receive customary and reasonable payments for their services” following a Federal Reserve interim final rule release. The Federal Reserve interim rule, released on Monday, would prohibit appraiser coercion by outside parties and would prevent “appraisers and appraisal management companies hired by lenders from having financial or other interests in the properties or the credit transactions.” The Fed will also require creditors or settlement service providers to report any appraiser misconduct to state licensing authorities. The interim final rule is required under the Dodd-Frank Act and is intended to replace the earlier Home Valuation Code of Conduct. The rule will become effective on April 1, 2011. Public comments on the rule will be accepted for 60 days after it is published in the Federal Register. The Credit Union National Administration (CUNA) will have additional information and a comment call in the coming days, and will submit its own comments to the Fed. For the Fed release, use the resource link.