Tag Archive for: appraisals

What Realtors Can Say To Appraisers- Anything; Comp Guidelines

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Lenders are not ever allowed to communicate directly with appraisers. We are only allowed to order appraisals through our Appraisal Management Company, which in turn contacts the appraiser. Realtors, however, […]Read More

Warehouse Store Mortgage Screw Ups; Warning for Borrowers and Agents

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One of our borrowers didn’t like the news we gave him so he went to a major warehouse store to get his mortgage. And – the entire situation is a […]Read More

More Purchase Tips For Refi Guys; Giving Away JVM’s Playbook

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On Friday, we provided tips to help refi guys close purchases now that rates are up. The tips included rush appraisals; reviewing contracts for addenda, reports and condition issues; and […]Read More

Created Full Time Appraisal Manager Position at JVM; Necessity & Scope

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We recently created a full time Appraisal Manager Position at JVM, devoted exclusively to JVM’s appraisals. We are the only lender with an Appraisal Manager with this scope of duties […]Read More

Flips Defined; Pay Off Consumer Debt to Qualify; Available Weekends!

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A few reminders: 1. JVM Works Weekends. Here are a few quotes we got over the weekend from a favorite Berkeley Realtor: “Thanks for the speedy response!” and “Love working […]Read More

Great Email Illuminates Appraisal Issues; Business Decisions; Costs

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Our Office Manager, Tiffany Nordgren, sent the below email last week. The email is excellent because of its clarity, but also because it illuminates many issues we currently face.Read More

Not Enough Appraisers For Current Loan Volume; Thankless Job

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Due to the very low rates and recent surge in loan volume, there are simply not enough appraisers to meet the current demand. We are temporarily quoting 10 day appraisal contingencies, which is much longer than typical for JVM but still far faster than industry averages right now.Read More

Post TRID Turn-Times; Contingencies Same; COE 7 Days Longer

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As mentioned, now that TRID is in effect we are requesting 21 day escrow periods instead of our usual 14 day escrow periods. We are working to move back to […]Read More

How To Buy A Flip – Property Bought & Re-Sold Within 90 Days

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We have been seeing “Flips” surface again lately. Flips are properties that are purchased and re-sold within 90 days. Lenders go by “contract date” and not close of escrow. Hence, […]Read More

Appraisals Are Not Public Record; FHA Sometimes

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Appraisals Are Not Public Record We “inherited” a transaction from another lender today because their appraisal came in too low. That lender tried to convince the Realtors, however, that the […]Read More

“Flip” Rules Again – Selling 90 Days After Purchase

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We still see the occasional “Flip” surface, although not nearly as often as we saw them in 2010-2012. A “Flip” once again is a property that is purchased (usually by […]Read More

Loans Are About Rules/Regulations & Not About “Making Sense”/Logic

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We have a very strong borrower whose loan is held up right now b/c the appraiser is unable to find rental data (for a rent survey) that is necessary for […]Read More

New CU Tool For Appraisals on 1/26: Much Ado About Nothing?

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We are getting asked constantly about the consequences of Fannie/Freddie’s new Collateral Underwriting (CU) Tool coming into play on Jan. 26th. It is risk management software that will pull a […]Read More

Paying More Than Appraised Value? Why? Appraisal Not Market Value

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We have seen transactions in Berkeley and Oakland with ten or more buyers willing to pay as much as $400,000 over the list price. The list price might be $900,000, and almost every offer might be over $1.3 million. With so many buyers in an open market willing to pay $1.3mm, the market value is clearly $1.3mm (no matter what an appraisal might say).Read More