A new agreement by Fannie Mae and Freddie Mac to only buy mortgages for which appraisals are made by firms independent from lenders will shake up the industry, analysts said. The accord between the two mortgage purchasers and New York Attorney General Andrew Cuomo likely will benefit independent firms and could force lenders with appraisal operations to sell them off. Lenders will not longer be able to use appraisals made by in-house staff, or lender-owned or -controlled appraisal management companies.
March 05, 2008 at 12:00 AM
1 minute read
The original version of this story was published on National Law Journal
A new agreement by Fannie Mae and Freddie Mac to only buy mortgages for which appraisals are made by firms independent from lenders will shake up the industry, analysts said.
The accord announced Monday between the country’s two largest mortgage purchasers and New York Attorney General Andrew Cuomo likely will benefit independent appraisal firms and could force lenders that own appraisal operations to sell them off.
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