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Declining Markets

By
Mortgage and Lending with Iowa Mortgage Professionals, INC.

Bankers/Brokers: 

 Be very careful these days to review your appraisals thoroughly!!  I had appraisal where the appraiser mentioned that market values have declined in the later part of 2007, and have now stabilized in 2008.  The underwriter just by having that word "decline" automatically assumed that we are in a declining market, and gave me a 5% LTV reduction.  This property was in WDM and we all know that we are far away from what Fannie/Freddie/Government determine to be a declining market!

~Justin Olson

Anyone else had this issue?

 

Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team
Justin, we will have to keep our eyes open for this on our appraisals, thanks for the heads up!
Apr 10, 2008 08:47 AM