Comments on: “Check Your Appraisal” http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/ Home loans made easy Fri, 21 Nov 2008 18:20:03 +0000 http://wordpress.org/?v=2.3 By: Darin http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12885 Darin Mon, 17 Sep 2007 16:43:42 +0000 http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12885 WFB is not changing FHA requirements, they are simply adding their own additional requirements on top of FHA's (should they so choose to put these into effect). Lenders are all required to adhere to the minimum investor requirements, regardless of the product (Conv, FHA, VA, etc...). It has always been their right to require more, if only to be more prudent, in an attempt to further protect themselves. It may not be the best business decision, but it is their right as a lender. The great thing about being a broker is that when one lender adopts these additional "bank guidelines", there are plenty of other lenders that still abide by traditional "investor guidelines". As you stated, "simply go elsewhere". WFB is not changing FHA requirements, they are simply adding their own additional requirements on top of FHA’s (should they so choose to put these into effect).

Lenders are all required to adhere to the minimum investor requirements, regardless of the product (Conv, FHA, VA, etc…). It has always been their right to require more, if only to be more prudent, in an attempt to further protect themselves. It may not be the best business decision, but it is their right as a lender.

The great thing about being a broker is that when one lender adopts these additional “bank guidelines”, there are plenty of other lenders that still abide by traditional “investor guidelines”.

As you stated, “simply go elsewhere”.

]]> By: Roscoe http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12874 Roscoe Sun, 16 Sep 2007 12:03:18 +0000 http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12874 How can Wells Fargo change FHA downpayment requirements? Since the loan is 100 percent insured this does not seem right. Can you check into this? Thanks. Also, if Wells Frago has such a policy borrowers can simply go elsewhere. How can Wells Fargo change FHA downpayment requirements? Since the loan is 100 percent insured this does not seem right. Can you check into this? Thanks.

Also, if Wells Frago has such a policy borrowers can simply go elsewhere.

]]> By: Chris D. http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12716 Chris D. Thu, 30 Aug 2007 13:19:55 +0000 http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12716 I'm the listing agent on an escrow where they buyer is using a CalHFA loan (100% financing). The "declining market" was indicated on the appraisal and now the deal is stalled and under scrutiny by the lender. Not sure yet what the effect will be.....a field review and cut appraisal, a lower LTV. Thanks for the heads-up. I appreciate knowing this stuff in advance. I’m the listing agent on an escrow where they buyer is using a CalHFA loan (100% financing). The “declining market” was indicated on the appraisal and now the deal is stalled and under scrutiny by the lender. Not sure yet what the effect will be…..a field review and cut appraisal, a lower LTV.

Thanks for the heads-up. I appreciate knowing this stuff in advance.

]]> By: Julie http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12711 Julie Wed, 29 Aug 2007 00:46:02 +0000 http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12711 I can't even find my mortgage guy right now. Maybe he's at his "day job". I can’t even find my mortgage guy right now. Maybe he’s at his “day job”.

]]> By: kurt http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12706 kurt Mon, 27 Aug 2007 18:13:57 +0000 http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12706 Wow. I don't get this kind of information from my mortgage guy. You are gonna get my next deal!! Wow. I don’t get this kind of information from my mortgage guy. You are gonna get my next deal!!

]]> By: Darin http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12704 Darin Mon, 27 Aug 2007 16:10:10 +0000 http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12704 Check your AU findings closely. I received a declining market indicator from DU on a property located in Yuba county (not listed on the Sierra Pacific list of declining counties). Check your AU findings closely. I received a declining market indicator from DU on a property located in Yuba county (not listed on the Sierra Pacific list of declining counties).

]]> By: William http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12701 William Sun, 26 Aug 2007 14:41:31 +0000 http://www.lendingclarity.com/2007/08/23/check-your-appraisal-a-heads-up-to-agents-and-buyers/#comment-12701 So who decides that a property is in a declining market? Are we at the mercy of whatever an appraiser thinks? So who decides that a property is in a declining market? Are we at the mercy of whatever an appraiser thinks?

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