First of all, Happy 4th of July!!! I hope you all have a fabulous long weekend. Our offices will be closed on Friday, July 3rd. But, I’m staying in town and will be available, should you need assistance or mortgage advise for any of your clients.
For this week, I thought I’d highlight the plight of the appraisal world. Did any of you know that the appraisers are monitored by FNMA? Yes, FNMA keeps a database of home values, from which it regularly monitors appraisals from areas. If an appraisal comes across their desk that falls out of the tolerance parameters, it sends up a red flag and FNMA can decline to lend on that mortgage transaction, due to the excessive value of the appraisal. So, as you all can guess, with our housing market on fire – and offers coming in well above asking price, some situations have arisen where FNMA has become the issue on the loan. This is where good communication with your lender is key. That’s why I am here for you.
Hope you all have a super Holiday. We are truly blessed to live in this country and enjoy the current robust real estate market!!
Cheers and Happy 4th of July,