Lenders resist the work of a pre-approval… what’s the difference?

From a November 12th NYT article FOR some people, an important first step in buying a house is getting a mortgage preapproval. That’s so true, my sellers and I want to see your preapproval letter with your offer. But prevetting has become more difficult and confusing these days, for borrowers as well as lenders, as a result of lending rules that took effect in January. The rules from the Department of Housing and Urban Development require lenders to issue a

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New Appraisal Rules Adopted by Fannie Mae & Freddic Mac

As of May 1st, the Federal Housing Finance Agency has mandated that loan officers CANNOT select or pay appraisers. The Home Value Code of Conduct (HVCC), as it’s called, outlines appraisal-related practices to which lenders must adhere with respect to so-called “conventional” or “conforming” loans that they want to sell to Fannie Mae or Freddie Mac. It’s intended to remove conflicts of interest some feel are inherent in the loan officer/appraiser relationship. In the coming months these new rules from

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