Ft Lauderdale Mortgages are about to get more expensive for Consumers
Ft. Lauderdale Mortgages are about to get more expensive for Consumers
FHA commissioner David Stevens ANNOUNCES CREDIT POLICY CHANGES.
FHA will Require Appraiser Independence In Loan Origination as of Feburary 15,2010.
Ft. Lauderdale Mortgage Originators will not be able to order the appraisal on your home loans any more. FHA provides new guidelines on ordering appraisals for FHA-insured mortgages and reaffirms existing policy on FHA requirements regarding appraiser independence and geographic competence. Mortgage brokers and commission based lender staff are prohibited from ordering appraisals. FHA does not require the use of Appraisal Management Companies or other third party providers, but does require that lenders take responsibility to assure appraiser independence. While FHA’s existing policies regarding appraiser independence are consistent with the Home Valuation Code of Conduct (HVCC), FHA will adopt language from the Code to ensure full alignment of FHA and GSE standards.
Bottom Line is if you are trying to Finance or Refinance your Ft. Lauderdale Mortgage, make sure that you order your appraisal by or before the 15th or else you risk paying alot more. Feel free to comment or email me with any questions or concerns.