Sacramento, CA, November 02, 2007 --(PR.com
)-- A group of appraisers from all over the nation has joined forces to create www.ReverseMortgageAppraisers.com – a website that brings quality and ethical appraisers to the forefront of the industry.
While the forward mortgage industry has experienced its share of problems with sub-prime loans and a declining market for loans, the reverse mortgage industry continues its amazing growth. In fact, the reverse mortgage industry is growing by almost 100% per year.
A group of 100’s of appraiser from across the nation have joined forces to create an “appraiser cooperative” that will only accept appraisers who subscribe to a code of ethics and pledges to assist senior citizens nationwide with their task of locating experienced appraisers.
While some lenders turn to Appraisal Management Companies (AMC’s) to locate appraisers – other companies realize that they can save the senior citizen $100’s of dollars by using www.ReverseMortgageAppraisers.com.
According to Len Fishman, one of the creators of the site: “AMC’s charge more for appraisals because they act like a middleman. A senior citizen can sometimes save hundreds of dollars by eliminating the middleman AMC’s.”
In fact, HUD officials said the agency is taking a hard look at allegations of up charging on home appraisals. A HUD official cited the example of a settlement where the appraiser was paid $300 for an appraisal, but the borrower was charged $450 at closing. The Appraisal Management Company pocketed the $150 extra for doing little or nothing. This unearned fee violates Section 8(b) of RESPA.
www.ReverseMortgageAppraisers.com will be officially unveiled at the National Reverse Mortgage Lenders Association annual meeting held in San Diego, CA on November 14th – 16th.