New Rules for Appraisers as of May 1
New rules to take effect May 1 will ban mortgage brokers from ordering property appraisals, and funnel more business to 3rd-party appraisal management companies.
If lenders plan to sell their loans to Fannie Mae or Freddie Mac, they will have to adopt the new code. If they plan on FHA financing, that agency has its own appraisal rules.
This is part of the effort by lawmakers to tighten the standards for the mortgage industry, because of the abuses of the last few years.
Contact me if you have questions about which lender would be best for your investment in Daytona Beach property.
Sherry Armstrong, Realtor
sherry@sherryarmstrong.com
386-679-3191