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was supposed to close yesterday, but in the AM, the underwriter requested one additional comparable from the appraiser, resulting in an extension to closing to this Friday.
How long does it usually take for the appraiser? Loan officer figures about 48 hours for appraisal review and then 48 hours for underwriting.
I actually found a very comparable house (also a new construction, closed by the same builder, identical model) two doors from my (yet to be purchased) house. This home was not included on the appraisal likely because it was mapped incorrectly (showed up about 30 miles east of where it should have showed up, even though the address was correct). Since I'm a RE broker also (and a buyer) I have called the MLS to have the mapping corrected and it was.
Sucks that we can't talk to the appraiser to point these things out. Any input and help would be appreciated.
No one can really answer this except the appraiser doing the work. It depends on how busy he or she is, what priority is given to this particular client, etc.. A few days would probably be the norm, but you never really know for sure.
No one can really answer this except the appraiser doing the work. It depends on how busy he or she is, what priority is given to this particular client, etc.. A few days would probably be the norm, but you never really know for sure.
Thanks. I'm hoping will hear something by tomorrow. It's unbelievable how much power over people's lives these guys have. We were looking for almost 3 years to find a house, found a new construction (which at this point could be relisted and sold for more than we have offered 40 days ago) and now are having issues at the closing delays.
You can speak with the appraiser. Why do you think you can't? Only lenders can't speak directly with the appraisers. Buyers, sellers, and agents can all speak with appraisers.
You can speak with the appraiser. Why do you think you can't? Only lenders can't speak directly with the appraisers. Buyers, sellers, and agents can all speak with appraisers.
Lenders can't???
I need to turn in a bunch of my clients then I guess. I am an appraiser and I talk to lenders all the time.
I need to turn in a bunch of my clients then I guess. I am an appraiser and I talk to lenders all the time.
They're supposed to be going through the management companies who assign out the appraisals now. Around here, appraisers will not take lender calls, and lenders won't dare call them. They send messages through the management companies if they have any issues.
No, this is not true. Lenders do not have to use appraisal management companies. There are plenty of independent appraisers out there who refuse to work for appraisal management companies. There are also many, many lender who have set up in house firewalls so that they can continue to use appraisers without going through appraisal management companies.
It was never, ever mandated that lenders use appraisal management companies This was true even during the days of the now defunct HVCC.
Who cannot speak to the appraiser are mortgage brokers and direct loan officers. There must be a separation between risk management ( appraisals ) and loan production.
So how do lenders create a firewall between the appraiser and loan production ? They remove the loan production office from dealing with appraisers. They have someone from any of the following departments deal with the appraisals.
risk management
credit department
compliance office
Chief executive office
They're supposed to be going through the management companies who assign out the appraisals now. Around here, appraisers will not take lender calls, and lenders won't dare call them. They send messages through the management companies if they have any issues.
FalconheadWest, ETex is a seasoned appraiser. I am an appraiser as well.
First of all, lenders don't have to go through an AMC. Second, there is absolutely no rule against LOs and any other person working for a lender speaking with an appraiser. I discuss appraisals with a rep from a lender all the time.
What cannot happen is the lender putting value pressure on the appraiser.
Thanks. I'm hoping will hear something by tomorrow. It's unbelievable how much power over people's lives these guys have. We were looking for almost 3 years to find a house, found a new construction (which at this point could be relisted and sold for more than we have offered 40 days ago) and now are having issues at the closing delays.
What guys? The appraisers? Please.
My bet is that the Underwriter has had the appraisal for several weeks already. In my opinion he/she should not have waited til the last minute.
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