New rule offers borrowers ‘time and ammunition’ to challenge appraisals

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A new federal rule requires lenders to inform a mortgage applicant that he or she may request to see the full appraisal report used by a lender to assess the value of a home that an applicant seeks to purchase with the mortgage that the applicant has applied for.

Syndicated columnist Kenneth Harney writes that the rule could help some borrowers and their agents spot errors in appraisals early on into the application process, offering them “the time and ammunition” they need to successfully challenge the accuracy of a report.

Source: Los Angeles Times

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