Tickle Me Tuesday!

By
Mortgage and Lending with Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. LMB100023827. NMLS257576.

As a start to the weekly Tuesday morning sales meeting, we always share a one liner. That happens right after the Pledge of Allegiance and then the "7 hug exchange". Our one liners aren't always real estate related, but this week it was:

 

NEW APPRAISER GUIDELINES!

 

ALL APPRAISERS MUST CARRY A WASP IN THEIR HAND!

 

Why?   

 Colorado Home Lender Ruth Vogt

 

So, all joking aside, here are some appraisal updates you might not have heard about yet:

  1. Good News! VA is now allowing appraisers to use sale of comparable homes that may be located miles from the subject property. However, the appraiser must clearly document and justify why those comps were used.
  2. Fannie now allows financing on "tiny homes" and "container homes" as long as the appraiser can find comparable properties.
  3. Fannie Appraisal Reminder: If the contract is amended after the appraisal is completed, an updated appraisal is required if the contract is changed in such a way that would affect the property description, such as a new construction or remodeling effort due to changes in plans and specs; changes to a legal description, acreage, and/or number of parcels conveyed; and a final example of renegotiated seller concessions or sales price as a result of a home inspection revealing property damage or deferred maintenance.

NOTE: Keep in mind, company overlays or investor acceptance may take exception to any agency guideline. So always check with your local area lender to determine their interpretation of the rulings.

Posted by

Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

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Rainmaker
4,485,341
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Ruth,

What a fun title and it is very catchy.  Interesting changes, when we bought our Los Angeles home,(many moons ago) the appraiser used a comp that was in the next county that had nothing to do with our neighborhood or home...luckily a better lender stepped in with a smart appraiser and saved the day.  A

Jun 13, 2017 04:28 PM #1
Rainmaker
3,983,315
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Ouch...I guess that would make sense, but, well, never mind!

Jun 13, 2017 09:05 PM #2
Rainmaker
449,041
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com


Ron and Alexandra Seigel oh the days when we, as lenders, how the ability to actually communicate with appraisers directly! 

William Feela ??? Must be, well maybe, but probably not??

Jun 13, 2017 09:22 PM #3
Rainmaker
5,421,221
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing this information.

Have a great day!  We have a very hot day in Maryland.

Jun 14, 2017 06:04 AM #4
Rainmaker
4,103,176
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

ruth, CUTE title, and nice update for the lending industry.  BTW, got a home UC over the weekend, and the VA appraiser called me yesterday.  Almost fell off the chair!  

Jun 14, 2017 07:58 AM #5
Rainmaker
449,041
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Roy Kelley I saw your post warning of the heat. Hope today is a better day!

Jun 14, 2017 08:14 AM #6
Rainmaker
449,041
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Joan Cox ARE YOU KIDDING ME??!! WOW! Guess uping their fees helped motivate them?? (Or there is so little inventory it's even being felt in their world!) Congrats on the sale.

Jun 14, 2017 08:16 AM #7
Rainmaker
1,234,213
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

As someone that held an IL Appraisal License for well over 20 years ... I really appreciate the appraisal humor, Ruth Vogt.  Appraisals and Appraisers aren't typically seen as very entertaining or humorous these days ...  

Gene 

Jun 14, 2017 11:22 AM #8
Rainmaker
449,041
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

So, Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi , you went from something not particularly entertaining, like being an appraiser to a mortgage lender?? You really do enjoy pain, don't you! hahaha!

Jun 14, 2017 01:44 PM #9
Rainmaker
4,797,386
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Ouch!!  This one is a real stinger.  (Thanks for the joke.)

Jun 23, 2017 04:37 AM #10
Rainmaker
449,041
Ruth Vogt
Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. - Colorado Springs, CO
719-592-0855 Apply 24/7 www.ColoradoHomeLender.com

Gabe Sanders pretty funny response! Thanks for buzzing by...

 

Jun 23, 2017 03:10 PM #11
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Rainmaker
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Ruth Vogt

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