Appraisal Opinions

Effective Sept. 1st, Fannie Mae will prohibit lenders who sell it loans from changing appraisers' numbers. Lenders must contact appraisers to "resolve" any disagreements about the valuation. If that's not possible, they should order another appraisal and not just chop the value supporting the real estate contract.Lenders will no longer be able to change the appraiser's valuation simply because they pulled a lower number off a computer.

(Information was obtained through the St Petersburg Times-The Nations Housing-by Kenneth R. Harney)