Effective Sept. 1, Fannie Mae is prohibiting lenders who sell it loans from changing appraisers’ numbers. In guidance issued June 30, Fannie Mae said lenders must contact appraisers to resolve any disagreements about the valuation. If that’s not possible, they should order a second appraisal — not just chop the value supporting the real estate contract. Appraisers applauded the new rule. “This is huge,” said Gary Crabtree, president of Affiliated Appraisers of Bakersfield and a member of the national government relations committee of the Appraisal Institute, an industry group.
Fannie to prohibit lenders from changing home appraisals
Most Popular Articles
Latest Articles
Labor Department announces new rule to shield retirement savings
The new rule updates the fiduciary standard for those offering retirement investment advice and requires more financial professionals to adhere to stricter guidelines
-
loanDepot CEO talks ‘longer and tougher’ mortgage cycle, NAR settlement and cyberattacks
-
The industry needs to speak out about the consequences of the commission lawsuits: Brokerage leaders
-
HUD announces final rule to protect against flood risk
-
Guaranteed Rate appoints two new executives
-
Experts share insights about the Fed, data ‘vibes’ and housing trends