Faster Cheaper Appraisals!
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New Faster Cheaper Appraisals!
One: We run automated approvals with both DU (Fannie) and LP (Freddie) with the click of one button. This gives us the best chance for appraisal waivers. Have you done a purchase transaction recently with NO appraisal needed? We do them all the time.
Two: As of Feb 1st, we will have access to a completely different kind of appraisal if one is needed. First step is a much cheaper $145.00 abbreviated appraisal. This information is put into our system to attempt to get the appraisal waiver. If we still can’t get a waiver, the 2nd step is to have the full appraisal completed for just another $145.00. That’s a total of $290.00 rather than $450 or $500.
Have a great February.
United Wholesale Mortgage (UWM) explains the process here. At the 0:20 mark, the process involving a “field representative” is discussed. At the 3:06 mark, they disclose that no appraiser inspects the property.
It appears that UWM outsources the valuation process to Mueller who recently added a “Property Inspector” post in its Job Board (see PDF below).
We are hearing stories about loan officers finding ways to manipulate CU to get waivers.
“This will be great way for borrowers to save time and money for the transaction. And how nice would it be to not grovel with appraisers over value…” says one loan officer.
The real problem is not the time or the cost of the appraisal, but the fact that the appraiser is the final gatekeeper, the last resort for the consumer/taxpayer, acting as an important check and balance against those in a commission based business with the government either a direct or indirect guarantor in many cases.
- Special Briefing on Appraiser Racial Bias - January 19, 2021
- Racial Bias by Appraisers Is Uncommon & Not Systemic - January 6, 2021
- FHFA RFI on Hybrids, Waivers, AVMS, Racism - January 4, 2021