Starting May 1st there will be appraisal changes.  Starting May 1st, lenders will be ordering appraisals, not the consumer or broker.  What does this mean?  it means that the appraisal process will take longer, which will result in the whole loan process taking longer.   The mortgage brokers won't have the option of using an appraiser who can do the appraisal fast, now they have to wait for the lender to assign the appraiser to the loan, then they can schedule it with the seller.  Now the borrower will need to pay for the appraisal up front with a credit card or check.  Be ready for a longer loan process.  Start requiring 60 days to close not 30 days. This will create more of an underwriting back log, so be ready for these appraisal changes by preparing for longer escrows.

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