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Freddie Mac Tries to Resolve Appraisal Issues

  • July 14th 2009

by Mark Wellborn

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Freddie Mac Tries to Resolve Appraisal Issues: Figure 1

Freddie Mac issued a bulletin recently that will hopefully bring some relief to the appraisal controversy that has sparked in recent months.

The mortgage giant stated that appraisers are required to be familiar with the market where they work and choose the most appropriate “comparable sales” to the property that is being appraised.

In late June, we reported via Local Address that many realtors were blaming inaccurate appraisals for derailing home sales that were on the verge of closing.

Rules put in place by Fannie Mae and Freddie Mac now prevent brokers from ordering an appraisal directly from the appraiser. Instead, they have to go through the lender, who uses management companies to find individuals who are often inexperienced, unfamiliar with the market and can make costly mistakes.

While these rules remain in place, the guidance outlined in the bulletin will hopefully lead to more knowledgable appraisers and more accurate appraisals going forward.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/freddie_mac_tries_to_resolve_appraisal_issues/1131.

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