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Mortgage Brokers,Appraisers & Underwriters; Where Do I Start

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Services for Real Estate Pros with Self Employed

We won't be closing on Monday after all but I believe we will close.  My sellers are packed and living out of boxes. The buyer is in the same position.

First the Mortgage BROKER (who isn't a BANKER) took 3 weeks to shop the loan around to see where the Mtg Broker could make the most money.  I'm not the Buyer's Agent so I had no say.

Then the Appraiser did the site visit and took almost a week to turn in the appraisal: what happened to 48hrs.  Then the 3rd party appraisal co-ordinator reviewed the appraisal and sent it back to the appraiser for revisions.  We don't know when the 3rd party appraisal intermediary will convey the appraisal to the investor.

It gets better.  The investors underwriters have reviewed everything except the appraisal and gave approval with conditions.   Mr Buyer is nobly serving in Afghanistan and has signed a Power of Attorney in favor of his beautiful wife.  Now the underwriters are quibbling over the wording of the POA because some recorded docs refer to the address as xxx South Soandso Dr; other docs refer to the address as xxx Soandso Dr.   Today I had to go to the county offices and get an official document stating the two addresses are the same.

Are you guys getting this same crap or am I just special.

Rodney Mason, VP of Mtg Lending
Guaranteed Rate NMLS# 2611 - Atlanta, GA
AL,AR,AZ,CA,CO,FL,GA,IN,MI,MS,NC,NV,SC,TN,TX,VA,WA

Working with a direct lender can make a world of different.  I honestly don't recall ever getting appraisals back in 24 hours unless it might have been a drive by.  Like everyone else, appraisers need sufficient time to do their jobs.  Appraisal reports now require more comp and data than ever before.  Most appraisers now work off of a 5 business day turn time. 

With a POA, there is no room for questions.  The POA must be very specific and the street address cannot be in question.  This protects all parties involved.   Don't loose sight of the fact that lender is the one on the hook if something goes wrong with the loan.  They stand to incur the largest loss.

Dec 17, 2010 02:07 PM