2009-01-29 — creditwritedowns.com
In November, the U.S. federal agencies which oversee the banking system proposed new guidelines for real estate appraisals. One would imagine that these guidelines would be in keeping with the new more stringent regulatory frame of mind the financial services sector. This is not the case.
In fact, the new proposal appears to entirely eliminate mandated written appraisals in connection with cramdowns, refis, and Fannie/Freddie loans. In fact, the new proposal appears to entirely eliminate mandated written appraisals in connection with cramdowns, refis, and Fannie/Freddie loans.
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Comments:
SteveP at 02:05 2009-01-30 said:
IGNORE THIS ARTICLE, The writer has misinterpreted the language of the proposed regulation. Read the language carefully. All this is saying is that a new appraisal is not required when the loan amount is not being increased or decreased. In other words, if a lender wants to reduce the interest rate or extend the term without increasing or decreasing the lien amount, no new appraisal is required. Why on God’s green earth would the ASA have an issue with this? The ASA should be more careful when selecting their society’s leadership! Permalinktaps65 at 00:37 2009-01-31 said:
Mandated written appraisals have sparked the following: 1 2 3 Permalinkadd a comment | go to forum thread
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