"Fannie Mae, the biggest source of financing for U.S. home loans, told lenders it will probably ban their use of appraisals by in-house employees or those arranged by brokers."
- The proposed changes include banning Fannie Mae's partners from using appraisers employed by their wholly owned subsidiaries. Mortgage lenders that own appraisal companies include Countrywide Financial Corp., the nation's largest home- loan originator.
- The restrictions would apply to loans acquired after Sept. 1, according to the memo. Fannie also told lenders that an independent appraisal clearinghouse likely would be established.
Jonathan Miller, CEO, Miller Samuel Inc. and real estate blogger (Soapbox) "It would be a monumental change because it would require a shift in the way that the lending industry does business. I think it would be tremendous." Click here for National Appraisal Clearinghouse "Talking Points" by Jonathan Miller.
- Huge Changes May be Coming for Lenders and Appraisers - Mortgage News Daily
- Appraisal Clearinghouse Concept Not A Clear Picture - Soapbox Blog