appraisals: Another Refinance solution that doesn't require a new appraisal
- 06/04/09 03:22 PM
Save Money on your Veteran's Administration Loan every month with a "Streamlined Refinance" No new appraisal required. The VA Streamline Refinance doesn't require a new appraisal, nor does it require proof of income or assets. It does require that we verify that you're employed, a quick phone call can take care of that. Some of the things to remember when getting a VA Streamline Refinance, is that you cannot pull a lot of extra cash out, maybe $500 max. You also cannot pay off a second mortgage or equity line with the VA Streamline Refinance. You must be lowering your payment … (0 comments)
appraisals: New Appraisal Rules are increasing costs for borrowers
- 05/12/09 07:37 AM
The new Home Valuation Code of Conduct that became de facto law on May 1st has already started to increase the appraisal costs to the borrower. One of my lenders is now asking for $450 for an appraisal that used to cost $375. Another one of my lenders, Idaho Housing is asking for a $500 check up front to order the appraisal. In one case we have an appraiser quote $675 for her fee on one of our loans. For those not yet familiar with the HVCC, it requires the loan officer to be disconnected from the appraisal ordering process. Most … (4 comments)
appraisals: Expect lots of confusion over the Home Valuation Code of Conduct
- 04/16/09 03:33 PM
Effective May 1st, 2009 the Home Valuation Code of Conduct will be in place for loan that are sold to Fannie Mae and Freddie Mac. This new "code" is designed to eliminate influence by loan officers and anyone else who has a vested interest in the value of the home. What dose this mean? One, Appraisals cannot be ordered by the loan officer. They will most likely be ordered through a clearing house called the appraisal management company. The lender ordering it would have no say in who is selected as the appraiser. VA has used a similar system, … (0 comments)
appraisals: New Fannie Mae/Freddie Mac guideline changes will cause delays in funding loans if allowed to continue
- 03/05/08 01:00 PM
I just received news about Fannie Mae/Freddie Mac guideline changes that could have an affect on our business. http://www.housingwire.com/2008/03/03/fannie-mae-new-york-ag-reach-agreement-on-appraisal-practices/ It appears only to affect NY, but I can see Fannie Mae and Freddie Mac rolling this to other states to avoid duplicate lawsuits by grandstanding AGs. Evidently one of the changes, set to begin 1/1/09, is that mortgage brokers would not be able to submit appraisals to lenders directly. Our wholesale lender would have to order the appraisal in order for the loan to be sold to Fannie Mae/Freddie Mac. This only applies to Mortgage Brokers, not banks. This will have the effect of slowing down … (3 comments)
Save Money on your Veteran's Administration Loan every month with a "Streamlined Refinance" No new appraisal required.
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