Tagged: mortgage loans

Conforming Loan Limits to Be Raised 2

Conforming Loan Limits to Be Raised

FHFA raises conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac Appraisers, The announcement by Federal Housing Finance Agency (FHFA) on November 23, 2016 may affect your fee structure if your fees are higher for loans above the upper limit for home sale prices for a standard mortgage loan, so called conforming loan. When mortgage loans are for amounts higher than the conforming limit, the loans are termed “Jumbo” loans. This is not the same as basing appraisal fees on APPRAISED values. As a general statement, Jumbo loans are for homes with excessive characteristics – considered ‘complex’...

Report an Opinion of Value as a RANGE - Yes or No - Imagecredit Flick - brandbook.de 3

Report an Opinion of Value as a RANGE – Yes or No?

Can appraisers report an opinion of value as a range? Can that be done? The answer is both YES and NO, or as some like to say, “It Depends!” Here’s an interesting example of YES, involving two commercial properties in Miami Beach (yeah, I know, resi’s, but hang with me here!): Appraisals: Town-owned lots in West Palm Beach worth millions You will notice in the article that the value reported in the appraisals is stated as a RANGE by the appraisers. That is entirely acceptable when appraisals are done under the guidance of USPAP Standard 2. It makes sense to do it...

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