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New Rules for Appraisers Cause Upsets

By
Real Estate Agent with REMAX All Star

Recently, there have been some new rules when it comes to appraisals say Fannie Mae and Freddie Mac representatives. These companies as well as many others make lenders obtain a home appraisal. The new rules include the fact that homes are raising appraisal costs as much as 20-30%.  This is bad news for home buyers as they may be responsible for this expense.

The new rules include fees for anyone that does not meet their appointments and stands up an appraiser. There are also extra charges for anyone that has a home mortgage above $500,000. Appraisal costs in these circumstances must be paid up front with either a debit or credit card, another rule that home buyers, as well as sellers are not that happy about.

Meanwhile, experienced appraisers say that this may force them to work less and can hurt their business because appraisal management companies are getting most of the business.

However, Rich Kuegler, a vice president at MDA Lending Services Inc., a national appraisal management company reports that the new fees are necessary in order for everyone to be protected.  He also states that appraisers most likely can expect to get more work rather than less because of the new rules being put into effect.

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