Inflated appraisals were cited as one of the things to blame for the mortgage melt down and have continued to be a concern for several months. More and more companies are tightening up on their appraisal requirements and requiring that the appraisal comparables be within a certain area and within a certain time frame. Here are the latest appraisal changes from Countrywide:
New Appraisal Requirements:
The appraiser must be provided with a copy of the Purchase Contract and all Addenda to ensure that any financing and/or sales concessions are considered when determining any impact on the value of the property.
If a Supervisory Appraiser signs the appraisal, the Supervisory Appraiser must perform the property inspection.
If an appraiser uses comparable sales outside the subject neighborhood when comparable sales are available, an explanation must be provided.
I don’t think these will be the last changes we see in appraisal requirements. Alpine Mortgage will be conducting a Town Hall Meeting Feb. 19 at First American Title Co., Eugene to go over the latest changes in appraisal requirements.