Fannie Mae will require underwriters use the value provided by appraisers. If they do not agree with the value they will be required to order a 2nd appraisal instead of cutting the value on their own. This change will help our industry overall. It isn't a problem for us here at Primary Capital. We choose our appraisers to make sure they are local, experienced and know OUR market. We are still HVCC compliant because we order randomly from our approved list. The national appraisal companies are the worst. I am optimistic that common sense will return to our industry soon! This is a good start. Click below to see the full article on the upcoming changes.
http://www.washingtonpost.com/wp-dyn/content/article/2010/07/08/AR2010070806803.html
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