The National Association of Home Builders and National Association of Realtors have joined the National Association of Mortgage Brokers in panning the new appraisal code implemented by Fannie Mae and Freddie Mac two months ago...
The National Association of Realtors chief economist Lawrence Yun said that a 2.4% increase in existing homes in May "is less than expected because poor appraisals are stalling transactions." Further, he claimed contracts fall through due to "faulty valuations" that prevent buyers from obtaining the loan.
The feelings are running so high that the petition circulating to end the practice has over 35,000 signatures according to HousingWire. It sounds like Congress is listening. Now The National Mortgage News reports that two Congressmen introduced a bill last week to place an 18-month moratorium on the rules.
About Me
- Lisa Severseike - homemortgageteam.net
- Ames, IA, United States
- My name is Lisa Severseike and I am a licensed Mortgage Originator in the state of Iowa with Global State Mortgage in Ames, IA. I'm in my 11th year of originating mortgages for real estate and enjoy every minute of it! I get to work with Kris Peters, my loan manager and Angie Kettwig, my loan processor. We make up the Home Mortgage Team. I live on an acreage near Hubbard-Radcliffe with my husband Jeff and our sons, where we farm. Outside of mortgage industry, I love to spend time with my boys, snow ski, go boating and ride our Harley.
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