Posts

Appraisal Reviews = Collateral Reviews = CDAs = DELAYS (Mostly For Jumbo)

APPRAISAL REVIEWS SLOW DOWN JUMBO FINANCING The appraisal review requirement is one of the reasons why jumbo loans take at least a week longer to close than conforming (Fannie/Freddie) loans. These appraisal reviews take anywhere from two to five days and can only be performed of course after the appraisal report is complete. This is […]Read More

Appraisal Issues – Low Values, Delays & Why; When Summer = Spring

Our Social Media Manager recently noted a lot of comments on social media  regarding appraisal issues – both low values and delays. The conditions that foster these issues are worse than ever right now and I wanted to discuss a few reasons why. LOW VALUES: WHEN SUMMER = SPRING Spring is usually the issue. Appraisers […]Read More

Jumbo Financing Lives! Appraisals Getting Done; Bridge Loans; Interest Rate Update

JUMBO FINANCING STILL AVAILABLE Agents continue to ask us if we are still offering jumbo financing – and the answer is emphatically yes! Rates remain in the mid-3% range for strong borrowers with 20% down and ample reserves. Weaker borrowers (with less than 20% down, limited reserves and/or lower credit scores) in the jumbo price […]Read More

COVID-19/Mortgage Industry Update

Here are a few reminders and key updates that are warranted (despite some repetition) b/c the overall situation remains so fluid and b/c we are still getting so many questions. MORTGAGE INDUSTRY REMAINS OPEN Most lenders remain open and fully operational and are still funding and recording loans (with most team members working remotely), as […]Read More