My sister is refinancing her house--they are just waiting to hear backbone about the appraisal. When they call their mortgage company today, they said that the appraisal was underneath "collateral review". What does this mean? Any info is GREATLY appreciated!
Answers: It scheme that the underwriter believes that the appraiser over-valued the property, so they have hired (at their expense) another appraiser to verify what the first appraiser have done and to make sure that the merit is valid.
Since the bank is paying for the second appraiser, they are beneath no obligation to make clear to you who the second appraiser is or what the report contains.
Typically what happens is that the underwriter will cart the LESSER of the two values.
That means the lender requests a second opinion in the order of the value of the property. That is adjectives now, after adjectives the bad loans that be made on the basis of impossible appraisals. I believe they are checking to see if the value of the property meet their criteria for how much they are refinancing for. With todays depreciated real estate values they enjoy to justify the risk of the loan amount
An appraisal review is adjectives in any marketplace, however with the marketplace in a decline lenders are spending more and more time securing the collateral... be tolerant!
This has nought to do with "inflated" values by appraisers, they didn't have need of to inflate appraisals as the market be in a skyrocketing trend for several years. That is some college graduate justifying a $50,000 lessons with $2 words that stingy they are pushing the paper from one side of the desk to the other side of the desk to placate the even bigger idiot that manage them until someone that actually think they know how to value a property, which by presently we have adjectives seen that no such personage actually exists, comes by to support lending or not lend the money. Thus justifying 3- 40 hour work weeks to do what could be done by spending an hour to drive out and look at the place and then look at the origional loan history.
In todays markeplace authentic estate values are dropping so fast lenders enjoy a hard time agreeing to a "marketplace value" even with supporting appraisal documentation.
Answers: It scheme that the underwriter believes that the appraiser over-valued the property, so they have hired (at their expense) another appraiser to verify what the first appraiser have done and to make sure that the merit is valid.
Since the bank is paying for the second appraiser, they are beneath no obligation to make clear to you who the second appraiser is or what the report contains.
Typically what happens is that the underwriter will cart the LESSER of the two values.
That means the lender requests a second opinion in the order of the value of the property. That is adjectives now, after adjectives the bad loans that be made on the basis of impossible appraisals. I believe they are checking to see if the value of the property meet their criteria for how much they are refinancing for. With todays depreciated real estate values they enjoy to justify the risk of the loan amount
An appraisal review is adjectives in any marketplace, however with the marketplace in a decline lenders are spending more and more time securing the collateral... be tolerant!
This has nought to do with "inflated" values by appraisers, they didn't have need of to inflate appraisals as the market be in a skyrocketing trend for several years. That is some college graduate justifying a $50,000 lessons with $2 words that stingy they are pushing the paper from one side of the desk to the other side of the desk to placate the even bigger idiot that manage them until someone that actually think they know how to value a property, which by presently we have adjectives seen that no such personage actually exists, comes by to support lending or not lend the money. Thus justifying 3- 40 hour work weeks to do what could be done by spending an hour to drive out and look at the place and then look at the origional loan history.
In todays markeplace authentic estate values are dropping so fast lenders enjoy a hard time agreeing to a "marketplace value" even with supporting appraisal documentation.