FEDERAL LEGISLATION
Home Valuation Code of Conduct
As of May 1st, Brokers and their loan officers will not be able to order the appraisal or talk to the appraisers. If you are like me, I am already finding the lenders are ordering review appraisals more often and more often than not, the reviews are cutting values and hurting the loan process. I recently asked an underwriter if I should pursue getting a rebuttal from my appraiser when the review appraisal cut the value by $100,000 and had any rebuttals changed the value. She was honest enough to say “nope, not once”. NAMB has filed a lawsuit against HUD for enacting this regulation but, so far, there is no indication that it will not be mandatory on May 1st. Brokers will have to learn to adapt and find new ways to meet our borrower’s needs.
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