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Most direct lenders instituted this change years ago and the process works well. If a client pays a few hundred dollars to find out that the home is over priced, then its money well spent.
Let's be realistic.....Way more often that not the Loan Officers connection to the appraiser is not to save the borrower the appraisal fee, but to set the expectation of the value that is needed, especially on refinances. For purchases, if the listing agent priced the home accordingly, there's no worries.
Let hear it forthe Govt's actions to keep rates at historic lows until the end of the year. Lets hear it for the relaxed (Fannie/Freddie) refinance guidelines that give many more a chance to enjoy the low rates and not pay MI even if their mortgage is over 80% of the value and their debt ratios are high. Let's hear it for the unprecedented tax credit for first time home buyers.
Starting tomorrow, May 1, a new code of conduct, the "Home Valuation Code of Conduct" (HVCC) will go into affect for ALL appraisal on Fannie Mae and Freddie Mac Loans. Anyone with a vested interest in the approval of a mortgage can not have any contact with Appraisers or have any say on who the appraisal will be assigned to. Those that will be most affected by this change will be Loan Officers and Brokers, but in reality Realtors and Buyers will feel the impact of this change as well.
Right now if an Appraiser feels that a property is not going to appraise, because of preliminary work that he/she might have done before going out to actually appraise the property, he can give the Loan Officer or Broker a call and discus it with him to try to determine if it is even worth doing the appraisal. Many times the amount that the property needs to appraise at and what the Appraiser initially feels that it will appraise, is pretty wide. If this is the case, the Loan Officer or Broker has the opportunity to cancel the appraisal, and if they have a good relationship with the Appraiser, the Appraiser will not charge for the preliminary work, thus saving the Borrower money. This is just one example, there are others, such as maybe being aware of a FSBO that has recently sold, that the Appraiser might not know about, but with this additional information it might enable the property to appraise.
We all have heard reports of Loan Officers, and Brokers, and yes even Realtors, who have teamed up with Appraisers in fraudulent activity. This change in the appraisal order process is suppose to try to deter that. But in reality this is only going to affect those who are NOT involved in fraudulent activity. Those who have committed fraud in the past will continue to find ways around the system. Something that was said to me many years ago, long before I became a Loan Officer keeps on popping into my mind "locks and barriers only help to keep honest people honest, but will not deter the crooks from breaking in if they really want to". If this new procedure is being implement to help honest Loan Officers and Brokers from being tempted into doing something wrong, then it might achieve that goal. But if it is being implemented to stop the sleazy element of this business it will fall far short of what is needed to do that.
If I sound unhappy with this change is because I am. I am tired of paying the price for those who do things wrong, and politicians who are trying to gain publicity by implementing meaningless changes that will do nothing to stop Con Artists. This may sound good, but it is just a lot of fluff and smoke and mirrors in my opinion.
This change will NOT affect FHA at this time, and hopefully will not be adopted by FHA in the future. FHA appraisals will continue to be order the same way that they have always been, as well VA appraisals.
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or email@example.com
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.