Last winter when Fannie Mae’s Collateral Underwriter surfaced, there was panic (and yes, it was panic) in the industry about what it would do to appraisals and closing-times in general. The panic of course turned out to be overblown and unjustified.
The situation was much like TRID is now. Our industry seems to face many “catastrophes” that turn out to be nothing more than speed bumps.
In any case, Fannie’s Collateral Underwriter has been around since March and the bad news is that we do sometimes have to order appraisal reviews b/c of Collateral Underwriter findings. It happened to us yesterday in fact. The reviews require additional time and expense.
The good news is that the appraisal reviews are coming in at value in almost all cases, and they usually only take a day or two b/c we order and pay for “rushes” of course.
Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 01524255, NMLS# 335646
