Well, there is good news for homeowners in terms of appraisers and no it’s not that appraisals are no longer required! Appraisals will always be required to determine fair market value, but now lenders are required to pay appraisal fees. The reason for this is good; it keeps lenders from using appraisers that aren’t up to par, and it keeps the borrower out of the mix on choosing their own appraiser and paying for it. Even though it might seem that the appraiser would work in favor of the lender, they simply can’t blow out values, and that’s just what we need.
Why Lenders Have to Pay Appraisers
Lenders making payment to appraiser’s means that they are now going to look at things more closely when they evaluate the creditworthiness of a borrower. This means that the bank is less likely to handle a borrower’s loan in a non-chalant way. This is probably what should have happened a long time ago, but it used to be that it was viewed in the interest of the lender being able to blow out a loan. There are plenty of things that are not so great, that we can take and use for good; this is one of those things.
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