A new rule passed Jan. 15 gives mortgage lenders an additional year to institute appraisal standards for higher-risk loans. Six agencies were involved in approving the rule, including FDIC, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Housing Finance Agency and the National Credit Union Administration. According to the Appraisal Institute, the rule takes effect Jan. 14, 2014, and will require lenders that issue loans that don’t meet the qualified mortgage standard to get written reports by certified appraisers who have conducted physical inspections of homes. In addition to the physical inspection, the rule will require a second appraisal in situations where a home is being flipped for a quick, higher resale. However, a second appraisal will not be required if the new sale price increased only slightly.