The Appraisal Institute and Consumer Financial Protection Bureau is ask for what they refer to as more transparency in appraisal forms and document. This has become an issue because of the ill advised Dodd-Frank Act, and the impact that it has had on the appraisal process.
These days many Lenders are using Appraisal Management Companies to order their appraisal through. This has raised the appraisal cost to the consumer. I can understand the desire of Appraisers to heighten the awareness for the increase costs, but I fail to see how knowing the reason, results in any benefit to the homebuyer. It isn't like the homebuyer has any choice in the matter, accept to go to another Lender that does not use Appraisal Management firm.
At McCue Mortgage we do not use an Appraisal Management Company, but that is because we have the people in place to manage that ourselves. There are others that do not have the in house people in place to do it themselves, therefore us an Appraisal Management Company. I am not a fan of Appraisal Management Companies, but I do not see how this so called new transparency affects a homebuyers choice in Lenders one way or another. I have never had a Borrower choose me to do their loan because my appraisal cost were lower than the next Lender. It is the overall costs that they look at in making their decision.
Who To Call For Your Mortgage Needs In Connecticut:
George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.
Comments(7)