Appraisers are worried about allowing banks to delay appraisals until 120 days after a mortgage closes

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency surprised the mortgage business Tuesday evening when they announced that banks will soon be able to postpone getting an appraisal for 120 days after a mortgage closes. The regulators said the change, which applies only to loans kept in a bank’s portfolio, is designed to expedite the process of getting funds to businesses and individuals.

Unsurprisingly, appraisers are concerned about the prospect of not being involved in the transaction until four months later. But that’s not their only concern.

Read the appraisers concerns in the complete HW article here.