Are Appraisals Delaying Closings or are Lenders. Read On!

November 27th, 2012 1:57 PM

Almost always (11.7%)

Often (58.3%)

Rarely (28.5%)

Never (1.5%)

 

As many of you know the entire appraisal process was changed to provide Lenders, Fannie, Freddie and HUD a Uniform Appraisal Dataset which forces appraisers to use a Uniform Coding system which is supposed to standardize the process and leave less room for interpretations by the appraiser and make it easier for the Lenders to review. They wanted to make the appraisal process more UNIFORM across the board by definition, Yet with this standardization, lenders are still not reading our reports in full. 

 

There is nothing more frustrating to an Appraiser than to have lenders ask them to provide further commentary in the report which they have already addressed. More importantly this takes TIME and further delays the process and the CLOSINGS!

 

So the next time you think the Appraisal is delaying closings, look closer at the Lender you are dealing with.

 

Savvy Realtors already know which lenders hold up the works and this is still a big problem. Some Lenders are so concerned about crossing T's and Dotting I's that they are not reading the entire report; instead they are getting caught up in the minutia and asking for things that have no impact on market value or the integrity of the report as a whole. 

 

Please pass this along and maybe with a little pressure, the lenders will Read the entire report first and then if there are issues, have the appraiser address them. 

 

Thanks for stopping by my Blog, Have a great week.