Mortgage broker can no longe order appriasals

Mortgage brokers no longer can order appraisals directly, but instead must allow lenders or investors to use third-party "appraisal management companies" to assign the job to appraisers in their networks.

Now appraisals will take forever and the customers will be charge a lot more.

Applicants must indicate a flat $455 charge for appraisals arranged through the appraisal management company as required by lenders.

Lots of risk averse practices have flooded the loan market in recent months - plunging house prices place security in danger and make lenders more nervous.