The Appraisal Files

I attended the Appraiser Expo this year in Las Vegas, of all the conferences I have attended about the appraisal industry this was the best I have seen.
The Speakers were FNMA,Freddy Mac, VA, FHA, & USDA I have not seen this much talent at one conference.

The big news was FNMA announcing the new Day 1 program that features a Property inspection waiver ( PIW)  This was explained that borrowers with high credit scores and low loan to value for a refinance would no longer need an appraisal. The loan company would submit the application to FNMA the application would be scored using the Big Data that has been gathered by CU in the past and if the score was approved the loan could proceed. The process can be completed in very little time and the fee for the service is $75, If I heard correctly 5-10% of the loan applications received by FNMA would qualify for this program. Please go to the FNMA website to confirm, always get information from the source. When trying to listen and take notes sometimes things are missed.

Be Careful out there: always remember
Beyond These Walls There Be Dragons.