More Work for Appraisers, Lenders

New requirements handed out by Fannie Mae means more work for appraisers and lenders. Lenders must ensure that appraisers are competent, having the “requisite knowledge,” experience and right data to perform the appraisal.  This reminds lenders that they are ultimately responsible for hiring qualified appraisers.

Appraisers are going to be required to give additional documentation for certain issues, more pictures and explanations for comps that are short sales or foreclosures; essentially, increasing the time spent on each valuation.

Read more about it here, in the Chicago Tribune.