In less than two months, on March 19th, desktop appraisals will officially transition from a 2020 covid flexibility to a long-term reality for some GSE products. As a result, the Post-Closing QC appraisal field review for many conventional loans is no longer required. Replacing the field review requirement on 10% of conventional loans in Post-Closing QC samples, is a Collateral…
Freddie announced that they have received approval to move forward with their plans to waive a lender’s requirement to obtain and submit a full residential appraisal report on a purchase loan transaction. This is one step further than Freddie and Fannie had gone when they waived appraisals on certain refinance loans. Freddie says that they will provide these waivers on…
Quicken Loans, one of the mortgage industry’s leading lenders, and a pioneer in the use of technology may soon consider the use of electronic property valuations instead of standard manual appraisals. Why? Last week, a federal district court hit Quicken with a guilty verdict resulting in fines and penalties of almost $11 million in a class action suit brought by…
Advancements in technology have led many to question the continued role of the Loan Originator in the home financing process. Could it be that the appraiser is the one at risk? With databases constantly being fed information about property values, market conditions, area employment trends, and other information pertinent to determining property values, will we continue to need a physical…
While Fannie Mae is talking about relieving lenders from some reps and warranties surrounding appraisals, Freddie is announced that it is doing away with the current traditional appraisal report. This is a bold move that leaves many up in arms. Not surprisingly, the biggest protesters are appraisers. Freddie says they may accept the use of automated valuation reports, supplemented by…
With everything going on surrounding Brexit: low rates, increased refinances and the presidential race you may have missed a deadline. Effective for all FHA case numbers issued/assigned as of June 27, 2016, FHA-approved lenders must deliver appraisal reports through FHA’s new EAD (Electronic Appraisal Delivery) portal. If you missed the deadline, you’re probably okay as you most likely do not…
