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Under federal law, mortgage lenders are required to work at arm’s length during the appraisal process, partnering with independent appraisal management companies who assign the work to state-licensed professional appraisers,” a spokesperson for Rocket told HousingWire.
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.
California-based loanDepot will pay an undisclosed amount and commit to improving its mortgageappraisal practices. The settlement requires loanDepot to implement enhancements to its mortgageappraisal policies and procedures within 120 days. But the company hasn’t admitted any fault.
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