Do new home-appraisal rules help?
WASHINGTON – Jan. 12, 2010 – More homebuyers will soon find that their mortgage broker can’t select an appraiser, part of a federal effort to ensure that appraisers aren’t pressured to inflate home values.
Effective Feb. 15, mortgage brokers will no longer be able to order appraisals on loans insured by the Federal Housing Administration (FHA). For consumers, that is supposed to mean home appraisals will more closely reflect a home’s value. The reason: Brokers who may profit from a loan being approved won’t also be choosing appraisers, who may feel pressured to declare a higher value.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com
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