New Appraisal Rules Could Mean Higher Costs for Homebuyers
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New Appraisal Rules Could Mean Higher Costs for Homebuyers
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New appraisal rules taking effect November 2nd could mean higher costs and longer closing times for homebuyers and real estate investors. Fannie Mae and Freddie Mac are rolling out a major overhaul of the appraisal process, but uneven adoption is creating challenges for lenders. Some borrowers could pay hundreds more in appraisal fees and face additional delays. Kathy Fettke explains what's changing, why some lenders have been granted extensions, and what buyers should know before financing a property.
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Source: https://www.scotsmanguide.com/news/uad-3-6-appraisal-overhaul-puts-mortgage-borrowers-on-the-hook-for-higher-costs/