Try this.  If you're a selling agent or a mortgage officer, you can help your Lender by providing the address of a listing; sale or refi, by looking up your property address on post office records at http://zip4.usps.com/zip4/welcome.jsp.  When you use the property address as it appears from the post office, it helps getting an appraisal waiver in the loan officer's DU findings.  (Most appraisal waiver systems are set up to recognize the address as the post office has it on record).  This will make the process of closing faster and save a buyer/borrower money.  There are other factors that apply for an appraisal waiver; down payments, low loan-to-value ratios, credit scores etc.  But making sure the address is typed in like a postal address still makes a difference.          

 

3 Comments on Appraisal Waivers

JUL
02
2007
In the interest of market fluctuations and foreclosures these days most lenders are at least requiring a drive by if over 50% LTV.
2:05pm • #1

Interesting, I have heard of something like that before.  Thanks for the info.

2:48pm • #2
Thanks for you comment Chuck.  I like drive-bys too. Try SunTrust, I don't know all their requirements.  But they just granted a waiver at a 65% LTV loan, no drive by required.  Even with lenders tightening up their waiver guidelines now they are likely to loosen up later.  The address issue hasn't changed yet.  Perhaps in the future it will search to the correct address as the postal service does. 
3:13pm • #3

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Rain Wallace

Salt Lake City, UT

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City1st Mortgage Services

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