Fannie and Freddie approve thousands of loans with no formal appraisals

Source: Kenneth R. Harney, Washington Post (Paid Registration)

For homeowners and buyers, it’s been an unexpected windfall: relief from having to pay for a traditional mortgage appraisal that usually costs between $400 and $600. The savings nationwide to consumers in just the past year alone may total tens of millions of dollars.

Sounds great. But to some key players in the home-financing arena, the savings look ominous — potentially risky for taxpayers and financially nightmarish for the professionals who provide the service being eliminated.

Read Full Article: Fannie and Freddie approve thousands of loans with no formal appraisals

 

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