Home buyers that take out home loans insured by the government may soon learn that their mortgage brokers cannot choose appraisers anymore. This has come about to make sure that appraisers do not get pressured into inflating values the of homes.
Starting next month, brokers of mortgage won’t have the power to order loan appraisals that are FHA-insured anymore. This would mean that consumer home appraisals are going to reflect the value of a home much more closely since brokers that would usually profit from approved loans won’t be choosing appraisers that could declare higher values.
Alex Aguilar
Team Aguilar Real Estate Agent & Blogger!
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