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Provident Fundings new appraisal guidelines

Just recieved this e-mail update...

Guideline Update - Appraisal Guidelines

Provident Funding is amending the appraisal requirements for all of its loan programs. The changes include:

The Maximum Distance for Comparables is 0.5 (Urban), 1.0 (Suburban), and 5.0 miles (Rural). Comparables that exceed the distances above will not be accepted.

The Maximum Comparable Age is 3 months from the date of the property inspection as listed on the appraisal. One comparable may have a sale date not to exceed 6 months if the remaining two are within 3 months.

The Underwriter is responsible for including both of these changes in their review of the appraisal. If the comparables provided do not meet these requirements, additional comparables must be conditioned for. If the appraiser is unable to provide them, a Desk Review must be ordered.

An Appraisal Desk Review is also now required for all Second Mortgages, unless one was ordered on the First Mortgage.

Things just get tougher and tougher!

Posted by Kris Krajecki Mortgage Broker Huntley, IL on 10/16/2007 11:28 AM

Comments (10)

appraisals

10 Comments on Provident Fundings new appraisal guidelines

OCT

2007

so don't use Provident Funding then...I don't see your point. There are still hundred of investors out looking for business. How about Fannie Mae or Freddie Mac?

...I was just trying to help Jim.

Wow, someone crapped in someone's oatmeal this morning!

I for one appreciate the information, as we are considering bringing Prov. on as a correspondent partner...I've heard they are anal retentive, but holy moly, I can see these guys taking a month to buy loans off of our line!

JAN

2008

WHAT THE HELL WHAT A MORON.

WE ARE ALL OUT TO HELP EACH OTHER, WHY ARE YOU BEING SUCH AN ASS. THANKS FOR THE INFO. IF YOU HAVE ANY MORE LET US KNOW.

Thank you for the support all!

:-)

Kris,

LOL... thanks for the info... I really like the oatmeal comment, it made my morning... things are tightening up all over... but for the better... take care

Rick

I am an appraiser and once upon a time I was PF approved. When it came time to send them my updated license, I just let it go because I didn't want to deal with the hassle of underwriting stips on an otherwise very clean report. Depending on the market area, only considering a pool of sales within the past three months is ludicrous. I'll save the long drawn out vent for my own blog if I ever take the time to start it but you get the idea. While Jim may have come across a bit brash, I kinda think he had the right idea anyway.

I kinda dug the oatmeal comment too!

FEB

When I joke with my brokers that I'm going to have to charge more for a Provident order, they laugh along with me, but they totally understand where I'm coming from...

FEB

Provident is run by robots. You can explain your market area until you are blue in the face and they just come back with the same robotic condition. APPRAISER TO PROVIDE 2 ADDITIONAL COMPARABLES SETTLED WITHIN 90 DAYS............ BLAH BLAH BLAH BA BLAH..... I agree with Jim use another investor.

JUL

Good morning all, I am a CA state certified appraiser in So Cal. I am relatively new to Provident. I was wondering if someone can tell me anything about their appraisal ordering system. The do what is called broadcasting orders. I have never been able to capture an order because I am not quick enough. Even when I respond in a minute the order is gone. I could sure use the work and am quite frustrated. One night I couldn't sleep and I saw an order broadcast at 3am. I responded in 2 min and it was gone! Needless to say, I am not only bewildered, but frustrated. Thanks for any responses. Carla

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