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What Are The Appraisal Requirements & Responsibilities
Appraisals play a huge role in obtaining financing for a property. Therefore, everyone in the Real Estate and Lending Industries needs to be informed, and have a basic understanding of What Are The Appraisal Requirements & Responsibilities especially for Conventional Loans. The last opportunity I had to attended a seminar on understanding appraisals and the appraisal process, was three to four years ago, and even though I had been a Loan Originator for several years, there was a lot I was not aware of. Even though this seminar was a three to four of years ago, the information I will share in this blog remains the same. All the information presented at the seminar was important, but what stood out to me the most were the requirements and responsibilities Fannie Mae & Freddie Mac require from Lenders and Appraisers. Fannie Mae & Freddie Mac require Lenders be accountable for: The selection of an Appraiser qualified to perform an appraisal of the subject property, without attempting to influence the Appraiser's results. Provide the Appraiser with a Sales Contract and other information about the subject property and the transaction, including whether funds are paid on behalf of the Borrower come from a ... more
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