Blogging About Loans: Tickle Me Tuesday!

An office of elite mortgage lending professionals with a common interest and goal focused on providing customer service that exceeds expectation. Thereby building our business from repeat and referral opportunities. Ruth Vogt. LMB 100023827. NMLS 257576. Regulated by the Division of Real Estate. Fairway Independent Mortgage is an Equal Housing Opportunity.

Tickle Me Tuesday!

As a start to the weekly Tuesday morning sales meeting, we always share a one liner. That happens right after the Pledge of Allegiance and then the "7 hug exchange". Our one liners aren't always real estate related, but this week it was:

 

NEW APPRAISER GUIDELINES!

 

ALL APPRAISERS MUST CARRY A WASP IN THEIR HAND!

 

Why?   

 Colorado Home Lender Ruth Vogt

 

So, all joking aside, here are some appraisal updates you might not have heard about yet:

  1. Good News! VA is now allowing appraisers to use sale of comparable homes that may be located miles from the subject property. However, the appraiser must clearly document and justify why those comps were used.
  2. Fannie now allows financing on "tiny homes" and "container homes" as long as the appraiser can find comparable properties.
  3. Fannie Appraisal Reminder: If the contract is amended after the appraisal is completed, an updated appraisal is required if the contract is changed in such a way that would affect the property description, such as a new construction or remodeling effort due to changes in plans and specs; changes to a legal description, acreage, and/or number of parcels conveyed; and a final example of renegotiated seller concessions or sales price as a result of a home inspection revealing property damage or deferred maintenance.

NOTE: Keep in mind, company overlays or investor acceptance may take exception to any agency guideline. So always check with your local area lender to determine their interpretation of the rulings.


Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

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Comment balloon 11 commentsRuth Vogt • June 13 2017 06:03PM

Comments

Ruth,

What a fun title and it is very catchy.  Interesting changes, when we bought our Los Angeles home,(many moons ago) the appraiser used a comp that was in the next county that had nothing to do with our neighborhood or home...luckily a better lender stepped in with a smart appraiser and saved the day.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) about 1 year ago

Ouch...I guess that would make sense, but, well, never mind!

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) about 1 year ago


Ron and Alexandra Seigel oh the days when we, as lenders, how the ability to actually communicate with appraisers directly! 

William Feela ??? Must be, well maybe, but probably not??

Posted by Ruth Vogt, 719-592-0855 Apply 24/7 www.ColoradoHomeLender.com (Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate.) about 1 year ago

Thank you very much for sharing this information.

Have a great day!  We have a very hot day in Maryland.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 1 year ago

ruth, CUTE title, and nice update for the lending industry.  BTW, got a home UC over the weekend, and the VA appraiser called me yesterday.  Almost fell off the chair!  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) about 1 year ago

Roy Kelley I saw your post warning of the heat. Hope today is a better day!

Posted by Ruth Vogt, 719-592-0855 Apply 24/7 www.ColoradoHomeLender.com (Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate.) about 1 year ago

Joan Cox ARE YOU KIDDING ME??!! WOW! Guess uping their fees helped motivate them?? (Or there is so little inventory it's even being felt in their world!) Congrats on the sale.

Posted by Ruth Vogt, 719-592-0855 Apply 24/7 www.ColoradoHomeLender.com (Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate.) about 1 year ago

As someone that held an IL Appraisal License for well over 20 years ... I really appreciate the appraisal humor, Ruth Vogt.  Appraisals and Appraisers aren't typically seen as very entertaining or humorous these days ...  

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 1 year ago

So, Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi , you went from something not particularly entertaining, like being an appraiser to a mortgage lender?? You really do enjoy pain, don't you! hahaha!

Posted by Ruth Vogt, 719-592-0855 Apply 24/7 www.ColoradoHomeLender.com (Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate.) about 1 year ago

Ouch!!  This one is a real stinger.  (Thanks for the joke.)

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 1 year ago

Gabe Sanders pretty funny response! Thanks for buzzing by...

 

Posted by Ruth Vogt, 719-592-0855 Apply 24/7 www.ColoradoHomeLender.com (Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate.) about 1 year ago

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