That, analysts said, has helped Mr. Cuomo essentially circumvent a federal regulatory setup that prevents states from regulating nationally chartered lenders.
Under the agreement, they cannot buy a mortgage from a lender unless the home has been evaluated by an independent appraiser — not, as has often been the case, affiliated with the lender or broker.
Appraisals typically cost around $300, but can cost more for unusual properties that defy easy comparison.
An official in Mr. Cuomo’s office declined to comment, but Howard Glaser, a principal of the Glaser Group, a Washington-based mortgage industry consultancy, said lenders could, in fact, accept an appraisal that was completed on behalf of a different lender, as long as it met the second lender’s standards.
Mr. Cuomo’s appraisal agreement represents a de facto regulation of national banks, which must comply with the agreement or lose their primary market for loans.