We have 9 more days until appraisals have to be ordered through AMCs. The rule is that your application and disclosures must be signed and dated prior to May 1, 2009. If you do so, then we have control over who to order your appraisal from. If you sign and date your application and disclosures May 1st and after, then we will have no control.
I recommend that if you’re thinking about refinancing, even if you want to float the rate, that you get your application in to your mortgage professional now. It will be much less headache and much less costly.
For those unaware of the new appraisal law (The Home Valuation Code of Conduct), read here.
