Lender Appraisals - Updates to Watch For!

NeighborhoodThere 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)   , , ,  

6 Comments on Lender Appraisals - Updates to Watch For!

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!!!

04/25/2007 10:40 PM by Open Home Mortgage - Georgia's FHA Loan Expert (Open Home Mortgage - Georgia FHA Loan # 1 Lender)

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!   

04/26/2007 02:48 AM by Clearwater Real Estate Clearwater Beach Condos & Homes for Sale- Cyndee Haydon (Belloise Realty)

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.

04/26/2007 10:55 AM by Walter Hager (New World Mortgage, Inc.)

Keep up the great job! Thanks for the info.   

05/03/2007 11:50 PM by Clearwater Beach Real Estate |Clearwater Real Estate Homes & Condos -Jack Haydon (Belloise Realty)

Great Idea Walter, a very proactive approach!

05/08/2007 10:05 AM by Your Tampa Bay Mortgage Source

Cyndee & Jack, thanks for the comments and your continued support!!

05/08/2007 10:06 AM by Your Tampa Bay Mortgage Source

Leave a response…

Name:
Notify me of new comments:
Comment:
What does the graphic say?
 
Mortgage Company: Your Tampa Bay Mortgage Source
Leah Ross ~ Tampa, Florida Mortgage
Tampa, FL
More about me…
Your Tampa Bay Mortgage Source

Office Phone: (813) 643-8430
Cell Phone: (813) 625-3592
Email Me
My blog on the mortgage industry for Tampa, Clearwater and St. Petersburg, Florida. Page copy protected against web site content infringement by Copyscape

Links

Tags (Tag Cloud)

Archives

RSS 2.0 Feed for this blog
ATOM 1.0 Feed for this blog

Find FL real estate agents and Tampa real estate here on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2007 ActiveRain Corp. All Rights Reserved