And how has that affected the cost of an appraisal? Bealer admitted that the price has gone up. In the San Fernando Valley, his cost of an appraisal for a three-bedroom, two-bath home valued at about $180,000 is $225; by June the appraisal fee will be raised to $250 for a similar property.
Warren Raybould, California Federal Savings' senior vice president for residential lending nationwide, said most loan appraisals (refinance and purchase) were being accomplished in 10 days, and that funding could be expected in another 25 days. "Our loan volume, however, has substantially increased to double what it was six weeks ago.
" I believe the media has helped both to promote the loan activity in a positive way, but also it has helped to clog it."
The reports have sometimes inadvertently contributed to greater confusion and indecision on the part of the borrower, who then proceeds to shop around, placing applications with more than one borrower simultaneously, Raybould said.