Some appraisers, however, said the agreement, which takes effect at the start of next year, was unlikely to solve the problem.
Banks will continue to put unspoken pressure on appraisers to value homes at desired levels, said Bill King, owner of ValueOne Appraisal in Federal Way, Wash.
"It's going to be a long time before the fundamental way business gets done gets changed," King said.
And many appraisers still will do as banks and brokers ask because they want to keep getting hired, said Steve Smith, an appraiser in San Bernardino who has been critical of the industry.
"There are more ethical appraisers who have been put out of business than there are appraisers who remain in business," Smith said.
