Mortgage Lending Crazy Train Is Back As FDIC And OCC Say No Appraisals Needed On Home Sales Under $400,000
Mortgage lending crazy train is officially back and the Trump Administration is the engineer!
It’s such a bad idea that even the dimwitted train operators Charlie Pratt and Floyd Smoot owners of the Cannonball Expressthink it’s a bad idea.
Home sales under $400,000 may soon not need an appraisal. Federal regulators are close to approving a proposal to increase the threshold at which residential home sales require an appraisal for the first time since 1994.
In November, the FDIC, the Office of the Comptroller of the Currency, and the Federal Reserve released a proposal that certain home sales of $400,000 and below would no longer require an appraisal.