and their process of ordering the appraisal. My average appraisal turn times is 6.9 days. A good loan officer or lender will not wait for the appraisal to come back. The good loan officer moves ahead, completing as much of the loan package as possible and submitting it to underwriting. We’ll go over underwriting in the next subsection, but it’s important to note that your loan officer should not be sitting around waiting during the appraisal. There is plenty to do! When the appraisal comes back, your loan officer should provide you a copy to review. As the buyer’s real estate agent, you will want to make sure there are not any issues, and ensure the value is good and that the property was appraised appropriately. Make sure the appraisal does not require any repairs prior to closing. Should the property not appraise as expected, the loan officer will notify the real estate agents involved immediately. It is up to the listing agent to assist with comparable sales to justify the price agreed upon and the loan officer can then rebuttal the value. If the value comes back unchanged, the agents, the buyer, and the seller, must then work out a compromise or cancel the contract. In this market place, this is not a common situation. If the appraisal results in pre-closing repairs being necessary, the loan officer will notify the agents immediately. The repairs will need to be completed and the appraiser will most likely need to go back to the property to inspect the work has been completed. The appraisal is the final step of the processing phase. Once the appraisal has been reviewed by the underwriter, the CD will be prepared to go out for buyers signatures.
UNDERWRITING: LOAN UNDERWRITING CONDITIONS
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