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Challenging the results of the appraisal for mortgage financing. The first thing to remember as a consumer or real estate agent, is that the client is the lender, not the consumer. The lender obtains the appraisal to ensure that the collateral is adequate for the loan (remember the three C’s of credit, capacity, and collateral).
Traut notes that the Federal Housing Finance Agency (FHFA) announced in late October 2021 at the Mortgage Banker Association’s annual conference that banks and mortgage lenders will be able to use desktop appraisals in place of traditional appraisals for qualifying Fannie Mae or Freddie Mac backed mortgages.
What is a MortgageAppraisal? A mortgageappraisal is an appraisal that is done for mortgage lending purposes. Lenders, including banks and mortgage companies, require an appraisal to justify the loan they are making. Who is the Appraisal for? This is called equity.
March 28, 2025 Whats in This Newsletter (In Order, Scroll Down) LIA ad: Navigating Value Revisions On Time Adjustments By Timothy Andersen, MAI 19.5 CDEI, MNAA Excerpts: Typically, this time starts when the comparable goes under contract, then ends on the effective date of the appraisal. See the dilemma?
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