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Lender Appraisals - Updates to Watch For!

Neighborhood There is an update to tell you about in our mortgage industry! This comes from the spur of tightened mortgage guidelines and it is something to watch for here in our Florida market.

Many mortgage investors now are paying closer attention to the appraisals. Specifically the area on the URAR that outlines the conditions of property values. (This is in the middle of page 1 of the URAR in the Neighborhood Section).

Some investors on conventional product are reducing the maximum LTV by 5% whenever the appraisal states that the subject property is in over supplied area or an area of declining property values.

My advice is to pay VERY close attention to this area of your appraisal and be sure to check with your lender on their specific requirements.

Posted by Leah Ross ~ Tampa, Florida Mortgage on 04/25/2007 10:13 PM

Comments (6)

appraisal, mortgage, florida, tampa

This post has been included in Florida Information Hillsborough County, FL Information

6 Comments on Lender Appraisals - Updates to Watch For!

APR

2007

Absolutely!! I can not emphasize that enough. The guidelines are changing every week it seems. The appraisals are now more important than ever. Great Post!!!

APR

2007

Wow Leah, thanks for the update - it's amazing at just how fast things are changing. I'm glad you stay on top of this and keep us posted. Thanks!

I have found a way to reduce the likelihood of an appraisal being cut. When I order an appraisal, I ask for 5 comparables instead of the normal 3. The Appraiser may charge my Borrower a little more, but if this can save a deal it is worth it. Comparable sales should be within 2 miles from the subject and sales should be no more then 3 to 4 months old. If this is not possible, ask the Appraiser for detailed explanations.