|
|
Article: More Volume, Scrutiny for Appraisal Manager Firms.(News)
- Article from:
- HomeEquityWire
- Article date:
- May 15, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Kate Berry
Appraisal management companies face the prospect of tougher regulations at a time when home lenders need their services more than ever.
Fannie Mae and Freddie Mac recently adopted valuation standards that, among other things, forbid commissioned loan officers or mortgage brokers to order appraisals. This is expected to drive more business to the management firms, which order appraisals on lenders' behalf. The companies are often owned by the lenders, though they are kept at arm's length from the sales force.
Appraisers, however, claim that the management companies demand faster turnaround, and lower costs, at the expense of ...