Big Change for Appraisals.

More good info from Louisville/Boulder: After May 1, lenders will not be allowed to put any "undo influence" on an appraiser. What this means is that there will essentially be a complete separation between lenders and appraisers. We can't ask the appraiser to do a "comp pull" to see if the value is in the ball park of the purchase price or refi value needed. Once the appraisal has been ordered there will no communication with or from the appraiser. Appraisers will not be able to let us know if the the value does not look good. Once the appraisal has been ordered it will be completed and submitted and we will have to take the value that is submitted to us. A lender also won't be able to use an appraiser that you or anyone else suggests to them. So this will obviously mean that your CMA's will be even more critical. Also, a home owner can order an appraisal independent of a lender to get an idea of the value but a lender will not be allowed to use that appraisal. They would have to order another appraisal to stay within the guidelines of the new appraisal code.