Until recently, efficiency and cost-effectiveness were every lender’s primary objectives in the appraisal process. But as the mortgage industry struggles to recover from the devastating housingcrisis that rocked the U.S. and world economies, regulators are placing an increasingly intense focus on appraisals and the way they are transacted.
As a result, compliance is now the number one concern facing lenders today. And with good reason: the fees and penalties for noncompliance can be massive and, in many cases, may include significant legal ramifications. There are literally dozens of additional federal and state regulations that lenders must follow – and new mandates seem to be surfacing each quarter. With the influx of new rules, lenders everywhere are in need of an economical, efficient way to avoid the costly repercussions of noncompliance.
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