(from Rob Chrisman’s email newsletter)
And wouldn’t home loans be streamlined if the owner of the loan/investor didn’t care about the value? No appraisals! On the flip side, what if every home loan required three appraisals? That would sure bog thing down. The topic of waiving appraisals (who, what, where, when, why) is a hot one. The general belief is that the PWI is not as much predicated on the home, nor the loan structure, and more in the availability of prior appraisals in the area. Appraisals being in “machine language” making them readable, and the data more subject to compiling and valuation algorithms is hot stuff. And some wonder that if Freddie and Fannie are under government conservatorship, could that information be subject to a FOIA request?
To read more, click here NOTE: The appraisal waiver section is down the page. Easiest to search for appraisal waiver.
My comment: I have been subscribing to Rob Chrisman’s newsletter for a long time. It focuses on lenders and mortgage originator news, but sometimes has some interesting material on appraisals. In this one, there is some analysis from the appraiser side. Nothing new for appraisers, but it is always good to see what loan officers and lenders are reading.data, Fannie, FUN, humor, square footage, weird properties