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VA loans up and FHA loans down

By Ann O'Rourke on June 23, 2014 / appraisal, appraisers, FHA, va / Leave a comment

VA loans up and FHA loans down because FHA increased its mortgage insurance cost

Excerpts:

Of the 16.4 million active-duty service members and military veterans with mortgages, less than 12% have a loan guaranteed by the Department of Veterans Affairs.

A sharp increase in Federal Housing Administration mortgage insurance premiums is making the VA more competitive, according to Megan Booth, senior policy representative at the National Association of Realtors.

“There is not a Realtor alive today that thinks FHA is a better deal” for veterans, Booth said. “That is helping the VA grow and it will continue to help the VA grow.”

VA lenders originated a record 629,300 single-family loans in fiscal 2013, which ended Sept. 30. The agency endorsed 90,820 single-family loans in the fiscal second quarter, totaling $20.1 billion, down 10.5% from the prior quarter. FHA endorsements declined at twice that rate over the same period. Sixty-three percent of VA loans are going to homebuyers rather than for refinancing, according to agency officials.

…..

Meanwhile, lenders continue to complain that there is a shortage of VA-approved appraisers and underwriters, which slows processing times. …

But the VA is becoming more responsive. “VA is trying to get more appraisers and weeding out the bad ones,” Booth said at the conference.”

http://www.nationalmortgagenews.com/news/origination/underused-va-mortgage-program-makes-inroads-as-fha-costs-rise-1041954-1.html

If you can’t access the full article without registering, there is a summary at: http://realtormag.realtor.org/daily-news/2014/06/13/va-loans-gain-popularity-fha-costs-rise

The June 2014 issue of the paid Appraisal Today had an article on how to get on the VA panel. It is very different than applying for panels for AMCs, Lenders, or FHA. No AMCs, C&R fees, appraisers treated as professionals, etc. I spent a lot of time interviewing many appraisers and VA personnel to find out about reference letters, re-applying, etc.

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VA wants fee appraisers!!

By Ann O'Rourke on June 23, 2014 / Appraisal fees, appraisers, va / 2 Comments

Tags: appraisal, appraisal fees, va

VA is A Most Excellent Appraisal Client!!

VA is one of the last lender clients that pays C/R fees with no bidding. Increasingly, even direct lenders are asking for bids, or just cutting appraisal fees.

What is most important to me is that, in direct contrast with most AMCs, VA considers its fee appraisers to be professionals.

You can apply for the VA panel without reading this article, but I have lots of “insider tips” that makes it much easier.

Applying for the VA panel is not like AMCs, other lender clients or FHA. There are specific requirements, such as three reference letters, two of them from appraisers.

There are lots of tips in this article such as:

– How long does it take to get on the panel?

– Sample phrases for reference letters (3 are required)

– Tips on getting on the panel

– Who does the reviews?

Published in the June 2014 issue of the paid Appraisal Today.