I have a real gripe with the new HVCC act which came out of Washington and was supposed to help and protect the public when it came to appraisals. It has spawned the use of AMC's (appraisal management companies) which all too frequently produce unusable appraisals done by appraisers who might come from other counties and have little or no general knowledge or experience in doing an appriasal for a property in Santa Fe! All too often we see rediculously low values and or shoddy work due partly to the fact that the AMC keeps the full fee and pays the appraiser a portion of it often to the lowest bidder. This doesn't pass the stink test.
This is a bad law which has the real estate industry, buyers, sellers, banks and realtors up in arms as transactions are being torpedoed left and right. It needs to be "put on hold", sunsetted or repealed. There is a limit to regulation beyond which it becomes cumbersome and anti-productive. Appraisers, to be licensed must adhere to a strict code of ethics.
In looking at rates today I saw 30 year fixed under 5% with 15 years at 4.25%.
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