APPRAISALS ARE GETTING EASIER

By
Mortgage and Lending with D A Griffin Financial.LLC NMLS 6380

APPRAISALS ARE GETTING EASIER

 

Anyone who has been in the business for a while will recall how property appraisals were transformed after the housing collapse. Appraisals used to be much less expensive and service was much faster because a lender depended upon their sources for the reports and there was a desire on behalf of the appraiser to please. In our market we saw the cost of appraisals not quite double but very close to doing so after lenders had to change the appraisal process.

The process of ordering appraisals through appraisal management companies was expensive and left a lot to be desired. It took lenders and AMC's a while to get the wrinkles worked out.  A few years down the road we have seen some relief in the form of property waivers where given a certain situation an appraisal may not be necessary thus saving the time and the fee. This can happen particularly in a heaving populated area where a home owner has significant equity. These situations are welcome indeed. 

This week one of my lenders announced a process where some loans will qualify for faster cheaper appraisals. This is a case by case situation but I'm excited to see how it rolls out.  It can save up to 10 days on turn time if an appraisal is not needed to close the transaction.  If an appraisal is needed it will be much cheaper and faster if the transaction qualifies for this process vs a full appraisal.

We are seeing mortgage lending constantly adjust to meet the needs of borrowers. Much of the home buying process is streamlined. I'm happy to see the appraisal piece lighten up so to speak. Delivering a mortgage to a client and doing it as smoothly and as hassle free as possible is something I enjoy. Making appraisals easier, faster and cheaper is a great advancement. It won't work in every situation but where it does it is a game changer. 

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Lending / Financial
Location:
Kentucky
Groups:
Mortgage Professionals
Cincinnati Real Estate
Mortgage Brokers
Mortgages
Realestateandfunding
Tags:
appraisals
home buying
appraisals are getting easier

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,940,003
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Right now there is no issues for appraisals.

 

Hopegully this will be long lasting

 

Feb 08, 2019 09:11 AM #1
Rainmaker
221,036
Dora Griffin
D A Griffin Financial.LLC - Fort Thomas, KY
NMLS 6380

Thanks William!  Let's hope we don't ever return to the crazy days of appraising we suffered through after the housing collapse.

Feb 11, 2019 12:29 PM #2
Ambassador
2,879,997
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Dora Griffin A few months ago, I had an appraisal waved...a first. The lender saw the value and somehow was able to move forward without one. Doesn't get much easier than that!

Feb 14, 2019 08:04 PM #3
Rainmaker
221,036
Dora Griffin
D A Griffin Financial.LLC - Fort Thomas, KY
NMLS 6380

Margaret, thanks for your response. My lender indicates about half the appraisals will be waived or require a lessened amount of work at lower cost. We'll see how that works in practice, but I'm looking forward to offering my KY and OH clients a time and money saver!

Feb 15, 2019 06:42 AM #4
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
221,036

Dora Griffin

NMLS 6380
Ask me a question
*
*
*
*
Spam prevention