Lori Noble

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Appraisers are worried about allowing banks to delay appraisals until 120 days after a mortgage closes

Apr 15, 2020By

The Fed, FDIC and the OCC surprised the mortgage business Tuesday evening when they announced that banks will soon be able to postpone getting an appraisal for 120 days after a mortgage closes. Unsurprisingly, appraisers are concerned about the prospect of not being involved in the transaction until four months later. But that’s not their only concern.

3d rendering of a row of luxury townhouses along a street

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