My Client’s Mortgage Lender Wants a Copy of the Replacement Cost Estimator
Abstract: While your agency naturally wants to assist its client, it is not the agency's responsibility to make the lender happy. Body: Question from a Big I NY member: We have been receiving requests from the banks to provide a replacement cost estimator to them for re-finance and new loans. Are you aware of any new law or regulation changes regarding this?Answer: This all apparently stems from actions proposed by Fannie Mae and Freddie Mac last winter. However, at the behest of the national Big I and the National Association of Mutual Insurance Companies, they put an indefinite hold on the actions last June. That hold…