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TRID Allows Seller Credit Changes; Expect More Appraisal Reviews

A couple quick updates/reminders.

Seller Credits can change any time without causing major delays** in closing. This was a surprise for us in the post-TRID environment, but changes in seller credits for closing costs do not require a new 3-day waiting period, even if they change after the Closing Disclosure (CD) is issued.

** Seller credit changes do require underwriter approval and revised disclosures, but they do not require a new waiting period.

FNMA now has a database of 14 million properties and appraisals, and it is using that database to analyze appraisals for issues, errors, anomalies and overall quality. The result, as mentioned in previous Comments, is a lot more appraisal reviews in 2016. Expect more 2nd appraisal and appraisal review requests.

Jay Voorhees
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646