What's New in the Mortgage Industry


July 17th, 2009 9:47 AM by Susan Larson

How many of you have heard this in the news lately?  This is a law that was passed that on all conventional mortgages, the appraisals must be ordered through a National Database. People have been complaining because the appraisals are taking so long, cost more money and is delaying deals.  I agree with all of this.  I was excited to see it actually made it on the news the other day.  We have no idea who the appraiser is and have no contact with them.  They can give us a bad appraisal and there is nothing we can do about it.  Plus the buyer/borrower can not change lenders, because the appraisal can not be transferred, so they would have to pay for a new appraisal.  They are talking about putting this law on hold for 18 months.  I feel that they should because this law is not helping the economy.
Posted in:General
Posted by Susan Larson on July 17th, 2009 9:47 AM

Community Mortgage & Processing Corp.

312 W. Green Meadows Blvd.
Streamwood, IL 60107