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Loan Modification

: Mortgage Lender Implode-o-Meter

Lowball Appraisals Spark Uproar

By Implode-Explode Heavy Industries

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"Complaints about lowballed appraisals -- from builders, real estate agents, consumers and mortgage companies -- have erupted since May 1, when government-backed Fannie Mae and Freddie Mac put their new appraisal rules into effect nationwide. Critics charge that the new system fosters the use of appraisers willing to work for low fees -- sometimes 50 percent below previous standards -- and who are willing to conduct home appraisals far outside their typical areas of activity."

Full post as published by Mortgage Lender Implode-o-Meter on July 03, 2009 (boomark / email).

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