If you haven’t recently tried to purchase a home or refinance your New Jersey mortgage, then you have no idea how things have changed regarding the process of home valuation – a necessary and critical part of mortgage lending.
Used to be that borrowers would speak to a mortgage consultant, apply for a mortgage and the loan professional would then interact with the appraiser and get the home valuation completed. No more. Listen to the short video for how things MUST work now.
You can thank Cuomo of New York for what may have started with good intentions, but has turned into something much less.
If you will be buying a home or refinancing, be aware that this change will add more time to the process. There are several groups pushing to get this regulation placed on the back burner until the process is remedied. Until then, this is what we must work with.
Until my next post . . .
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