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Back to the Future!!!!!
Posted at the request of Gene Wunderlich:
Due to a legal settlement between Fannie Mae and Freddie Mac (know as GSE'S) and the New York AG's office the follow sweeping changes regarding appraisals will be coming down the pike fast (see below)
It looks like the settlement will be adopted nationwide sometime in the coming months. Loans will not be deemed agency salable without adoption of the changes
Changes include the possibility of
An elimination of appraisals ordered or chosen by mortgage brokers. The wholesale lender would be fully responsible for the appraisal. The broker will be 100% out of the appraisal process.  An elimination of in house appraisers for lenders.  An elimination of loan officers selecting appraisers or communicating with appraisers (actually how the business was run 20 years ago) The GSE'S have also agreed to a 24 million dollar settlement to start an appraiser data base. It seems the direction is to take the appraisers and the appraisals away from all corrosion of value by making them a fully separate entity.
See below for the briefing issued by the MBA.
The people in high levels we are talking to say this will be implemented in months and not days or weeks.
Fannie ... more

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