hvcc: Update on Appraisal Problems
- 06/08/09 05:47 AM
On the "cream-puff" house where the appraisal review came in low, the mortgage broker pulled the loan package from the original money source and placed it with another source. If the original lender had DENIED the loan (THIS IS IMPORTANT!), that appraisal would have stayed with the FHA file, and the borrower wouldn't be able to get a new FHA appraisal for 6 months!!!! He resubmitted everything, and we had full loan approval and a package a week later. NO issues with the appraisal. The experienced, local FHA appraiser was right on. Our suspicion? The wholesale lender is going to be … (0 comments)
On the "cream-puff" house where the appraisal review came in low, the mortgage broker pulled the loan package from the original money source and placed it with another source. If the original lender had DENIED the loan (THIS IS IMPORTANT!), that appraisal would have stayed with the FHA file, and the borrower wouldn't be able to get a new FHA appraisal for 6 months!!!! He resubmitted everything, and we had full loan approval and a package a week later. NO issues with the appraisal. The experienced, local FHA appraiser was right on. Our suspicion? The wholesale lender is going to be … (0 comments)
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