Tag: Appraisal

FHA Temporary Partial Waiver of Appraisal Requirements in Rapidly Changing Markets, Effective April 26, 2021 to April 26, 2022 – FHA Info 21-25

Written by: Tracey Rumsey, Staff Writer Article Intro Paragraph Highly competitive markets and rapidly changing prices have caught the attention of FHA.  Read this article to learn more about the partial waiver requirements for appraisals. Rule Synopsis: Effective dates April 26, 2021 to April 26, 2022 Summary FHA has issued a Temporary Partial Waiver of […]

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Actual Rental Income vs. Appraiser’s Current Market Rent

Question: My client is refinancing a 2-unit home and occupies one unit.  His Schedule E shows $3,600 in monthly rental income, but the appraiser indicated current market rent as $2,500.  Which rental amount do I use, the real rent or the current market rent value from the appraisal? Answer: I looked to see if Freddie […]

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Transferring a VA Appraisal to Another Veteran

Question: I have a client that was in backup position on buying a house. The previous deal fell through due to financing, but a VA appraisal was done. As a VA buyer, does my client need to (or can they) use that appraisal? Answer: The original appraisal always stays with the original Veteran (A) even […]

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Valid Change of Circumstance to Increase Appraisal Fee

Question: Is an increase in appraisal cost due to workload a valid change of circumstance? Answer: Here are the six reasons that would cause a Change of Circumstance (see below). My knowledge of this is that appraisal fees fall into the zero tolerance category and would not fall into one of the six reasons for […]

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Fannie Mae Lender Letter 2021-01 – Dated January 6, 2021

Written by: Lloyd Rutherford, Staff Writer Production was out of control in 2020 and is expected to be robust in 2021 as well.  When this happens, loan quality seems to suffer.  Consider this Lender Letter from Fannie Mae to be a warning about Appraisal quality and the lender’s need to pay attention to avoid buybacks! […]

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