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Keep Appraisals On Track

February 8, 2012

Over the past several years, almost everything related to mortgage appraisals changed. Rules were enacted to restrict communication between loan officers, customers and appraisers. New reporting requirements, with updated codes and explanations, went into effect, as well, changing the way appraisers did their work.  The goal? Create appraisals that are more accurate and less influenced by loan officers and realtors who rely on their conclusions to get a deal done.

However, the new regulations have also caused problems for consumers that weren’t anticipated. Because loan officers and realtors are not allowed to talk with appraisers directly about a property or its value, miscommunication can result – and often does.

So what can real estate professionals do to alleviate appraisal problems?  One key way is to work with a lender that’s experienced and has a system to work with appraisers so mortgages remain on track in spite of the communication challenge.

We have a fully staffed in-house appraisal desk that is 100% focused on working with appraisers. Why is that so important?

1. Follow-up: Our appraisal desk is staffed with experts who have years of experience in the mortgage industry. Their only concern is coordinating appraisals and addressing issues before they delay the mortgage closing. They understand the intricacies of a mortgage, what needs to happen when, and how to find workable solutions.

2. Work with locals: We have the ability to work with local appraisers instead of national companies that don’t know the area. Local appraisers know the neighborhoods, schools, surrounding communities, etc., which are important characteristics that can impact a valuation. Their valuations are more likely to be accurate than an appraiser from across the country that knows nothing about the surroundings. 2) Turnaround may be faster because they are in such close proximity.

If our partners already use certain preferred lenders in their area, we’ll work to have them added to the approved list so they can continue that relationship with an appraiser they know and trust.

If you would like to know more about how our in-house appraisals benefit your customer and can be used as a tool to close more mortgage loans, contact us today!

From Loan Officer Patty Seagrave

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