Finance, Inspections, Mortgages, Title & Escrow
Washington Report: Appraisal System
May 11, 2009 by Spencer Anglin · 2 Comments
I’ve warned of this before and so it begins…Higher appraisal costs are already here. Be sure to explain to your buyers that this increased cost and the required up front payment for services not yet rendered will probably be required on most all of your purchases. And this is NOT an added cost that lenders are just arbitrarily adding to their GFEs. Our elected officials have found yet another way to increase the cost of doing business while simultaneously reducing the level of customer service to our clients across the nation.
How long will it be before our government tells us where we can get title services or credit reporting? Then we can all look forward to paying 5 or even 10 percent in closing costs one day. Hooray for us…NOT!
Washington Report: Appraisal System
Last week saw the official kickoff of Fannie Mae’s and Freddie Mac’s mandatory new system of appraisals nationwide, and some mortgage and appraisal groups are up in arms over sharply higher costs for consumers.
Roy de Loach, CEO of the brokers group, cited one member’s experience — where total appraisal fees for a routine FHA cash-out refi ballooned to $1,068 to the consumer.
Home buyers and realty professionals need to be aware of these sharply escalating fees — and their controversial use on FHA loans that are supposed to be exempt from the Fannie-Freddie code. (Watch out for these guys! – Spencer)
Full Story: http://realtytimes.com/rtpages/20090511_washingtonreport.htm
Spencer Anglin
Velocity Financial, LLC
Sr. Mortgage Planner
480.287.5719 Direct
602.705.6293 Cell
866.589.5742 eFax
Email: spencer@velocityfinancial.com
Website: www.spenceranglin.com
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