Enhance your sales performance appraisal for mortgage

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let's talk about appraisal reviews and second appraisals an appraisal review typically not a good thing guys an appraisal review is mandated a lot of times by the underwriter depending on the loan program or perhaps by the automated underwriting systems themselves meaning the Fannie Mae or Freddie Mac's automated systems say that they give it a score if that scores too high they're gonna want some type of review it can be a desk review which just means a second set of eyes whether it's another underwriter the manager may be an internal appraisal that's on staff somebody to look at it just to make sure it's a good appraisal or a guild review is gonna be where they actually send somebody else out a different appraiser independent the first just to do a drive-by and then look at the other comps that are on the appraisal which ones are used to make sure it really is apples to apples in both instances it's not good because it leaves the appraisal open to criticism and which could lead to a adjustment of value so most the time when this happens you as a consumer may not even know what's going on a good loan officer would certainly tell you we would like to as I joke I don't want to lose sleep without you losing sleep but for the most part it's just something goes on the back office typically takes two or three days and doesn't cost you any additional monies now second appraisals what they are not they are not a outlet just to say I don't like the first because the values low give me another typically second appraisals are used for either a specific program a lot of times certain jumbo loans may be over like nine to have two million bucks depend on the investor or required to appraisals upfront so that's known on the front end you would and there I have to pay for it other products if it is required to have a second because something's maybe the first one is wrong maybe the appraiser has to do so we had one where the appraiser needed to pick something and the guy unfortunately got extremely ill to the point where he wasn't we couldn't contact him we had to send somebody else out to finish the job and get a second appraisal another instance maybe you're doing another loan maybe just closed down a purchase loan and you're doing a home and and they won't accept that appraisal they'd need their own most lenders I would think can accept appraisals that have just recently been done if they can verify that it's been done through in proper channels from a compliant Manor with an appraisal management company so hopefully you can avoid that cost again praise was typically around about five to six hundred bucks so hopefully that helps if you guys do have questions or need something let us know we're happy to answer any questions and let you know if a field review desk review or second appraisals it's going to be in your future we appreciate you have a good name