Ever had an appraisal come in really low, or return puzzling results? If so, you know how difficult it is to raise a challenge and win a correction. Or it used to be.
Just in time for commission changes and potential rate cuts late this summer, HUD, FHA and GSEs Fannie Mae and Freddie Mac have announced a new appraisal review policy.
HUD (U.S. Dept. of Housing & Urban Development), FHA (Federal Housing Administration), and GSEs (government-sponsored enterprises) Fannie Mae & Freddie Mac will allow borrowers the opportunity to request a re-assessment of the appraised value of their property if they assert an error was made or bias entered into the process.
The 'Reconsideration of Value' policy equires lenders to disclose to borrowers that they may request a reconsideration of value, and to provide instructions that explain the process, including what information will be required from a borrower and the expected Reconsideration of Value processing times.
Read all the details at realestateinthedistrict.com
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