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New Appraisal Standards? What was Wrong with the Old Ones?Office of Federal Housing Enterprise Oversight (OFHEO) Adopts new Appraisal Standards
Us town's people have had enough. No more mortgage fraud! The sheriff and his deputies will enforce independent appraisal so we can have accurate appraisals information. The slogan should be: Lets stop mortgage fraud now! The penalty may not be a stay in the slammer but the pain will be the lender will be forced to buy back all mortgages that do not meet Fannie's new appraisal standards.
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Alan 'AJ' Nisen California Contra Costa Mortgage Officer A Large Bank in America Lafayette, CA Office Phone: (925) 688-3820 Cell Phone: (925) 963-5836 More information... Contact Alan 'AJ' Nisen California Contra Costa Mortgage Officer |
It looks like there is a new sheriff coming to town and he plans to clean up the street. As a direct result from New York's suit against First American Corp. and its subsidiary eAppraiseIT, where New York accused the companies of bending over backwards from pressure by Washington Mutual to inflate property values, the OFHEO signed off on new appraisal standards. After January 1st 2009, if you want to do business with Fannie Mae or Freddie Mac, you will no longer be able to use either your in-house staff appraisers or an appraisal companies you own 20% or more or control under. OFHEO's new standards are designed to ensure the independence of the appraisal process. This means (hopefully) you cannot rig the market. Everybody will competing on a level play-ground by providing protections for home buyers, mortgage investors and the housing market in general from mortgage fraud. 