Comments on: Changing the Way Appraisals Are Ordered http://www.azmortgageguru.com/changing-the-way-appraisals-are-ordered/ Mon, 20 Jun 2011 00:09:25 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Shailesh Ghimire http://www.azmortgageguru.com/changing-the-way-appraisals-are-ordered/comment-page-1/#comment-1667 Shailesh Ghimire Wed, 05 Mar 2008 14:22:30 +0000 http://www.azmortgageguru.com/changing-the-way-appraisals-are-ordered/#comment-1667 Dru, Great questions. I don't have specifics on this whole thing since it is still evolving and nothing is set in stone. 1. I don't think this will add that much time to the process. I would think the new approach may be along the lines of what VA currently does. Once a loan is set up as a VA then the loan processor/underwriter orders the appraisal with a VA assigned appraiser. Neither the loan officer or real estate agent is allowed to speak with the appraiser. The process hasn't slowed down because of this. 2. The borrower is entitled to a copy of the appraisal, absolutely. I don't see that changing any time soon. Under the current system the borrower signs a disclosure which states that they are entitled to a copy of the appraisal. Ginger, Mortgage brokers tend to use appraisals who can "get things done". And there are those who abuse this and get in trouble for it. I guess things are a bit different in California, but in Arizona I've had appraisals come in below but early on in the business I was always stunned by how the appraisal always came in at the purchase price. It was surreal and quite interesting. Things are different these days and the appraisers I work with don' t hesitate to let us know that the house won't appraise. Dru,

Great questions. I don’t have specifics on this whole thing since it is still evolving and nothing is set in stone.

1. I don’t think this will add that much time to the process. I would think the new approach may be along the lines of what VA currently does. Once a loan is set up as a VA then the loan processor/underwriter orders the appraisal with a VA assigned appraiser. Neither the loan officer or real estate agent is allowed to speak with the appraiser. The process hasn’t slowed down because of this.

2. The borrower is entitled to a copy of the appraisal, absolutely. I don’t see that changing any time soon. Under the current system the borrower signs a disclosure which states that they are entitled to a copy of the appraisal.

Ginger,

Mortgage brokers tend to use appraisals who can “get things done”. And there are those who abuse this and get in trouble for it. I guess things are a bit different in California, but in Arizona I’ve had appraisals come in below but early on in the business I was always stunned by how the appraisal always came in at the purchase price. It was surreal and quite interesting. Things are different these days and the appraisers I work with don’ t hesitate to let us know that the house won’t appraise.

]]> By: Ginger Wilcox http://www.azmortgageguru.com/changing-the-way-appraisals-are-ordered/comment-page-1/#comment-1648 Ginger Wilcox Tue, 04 Mar 2008 05:30:32 +0000 http://www.azmortgageguru.com/changing-the-way-appraisals-are-ordered/#comment-1648 Interesting. Dru brings up some great questions. Mortgage brokers often use preferred appraisers who can quickly get the appraisal done. I would think this could delay the process. When I worked in Arizona, we would have appraisals come in below the offer price all the time. I have never seen this in California. The appraisals always come in at the offer price. Clearly that can't be an independent and accurate appraisal. Interesting. Dru brings up some great questions. Mortgage brokers often use preferred appraisers who can quickly get the appraisal done. I would think this could delay the process. When I worked in Arizona, we would have appraisals come in below the offer price all the time. I have never seen this in California. The appraisals always come in at the offer price. Clearly that can’t be an independent and accurate appraisal.

]]> By: Dru Bloomfield http://www.azmortgageguru.com/changing-the-way-appraisals-are-ordered/comment-page-1/#comment-1647 Dru Bloomfield Tue, 04 Mar 2008 04:06:54 +0000 http://www.azmortgageguru.com/changing-the-way-appraisals-are-ordered/#comment-1647 Shailesh, I heard about this change when I was in the office today. I have two questions that I hope you can answer. 1. Is it true that closings may take 30-45 days longer with this new scenario. 2. Will buyers (who are paying for the appraisal) be able to get a copy? Thanks for any and all your insights! Shailesh,

I heard about this change when I was in the office today. I have two questions that I hope you can answer.
1. Is it true that closings may take 30-45 days longer with this new scenario.
2. Will buyers (who are paying for the appraisal) be able to get a copy?

Thanks for any and all your insights!

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