New guidelines for the hiring of appraisers in generating a market value on homes set forth by Fannie Mae and Freddie Mac has generated uncertainty in the marketplace today. The National Association of Realtors has developed a brochure to help clarify some of the misunderstandings. Please read on…
* - Realtors and lenders may talk with an appriaser to consider additional data in the valuation or to correct errors.
* - Lenders may directly retain the services of an independent appraiser.
* - Lenders may choose to use a rotating roster of appraisers but are NOT required to do so by Fannie Mae and Freddie Mac.
* - If the lender grants permission, a mortgage broker may contact a lender approved AMC that retains the appraiser.
These are just a few of the facts. You may click here for the entire Myth/Fact flyer.
Shari Webb
(307) 286-0470
The Property Exchange
