How To Get Your Appraisal Waived

By NMLS#267152,Ks0002436,Mo12621mlo,Co100503962,Wa267152mlo,Ia26599

Mortgage and Lending with United Mortgage NMLS#239814CO#239814WA#CL-239814KS#MC-0001462MO#15-1624 NMLS 267152
December 11, 2016 09:04 AM

How Your Appraisal Gets Waived

By Marian Garcia-Stevens United Mortgage

Nmls 267152, Ks 0002436, Mo 12621-mlo, Co100503962, Wa-267152-Mlo, Ia26599, Nmls 239814, Mo 15-1624, Ks mc0001462, Wa cl 239814, Ia 2016 0057

December 10, 2016 Enhanced Property Inspection Waiver (PIW) Are available to all lenders.

No registration needed.

I have a recent appraisal that was delivered to Fannie Mae.

In some cases, the appraisal will be now be waived. Ease Of Use.

To exercise a PIW lenders simply provide Special Feature Code (SFC) 801 at time of loan delivery to Fannie Mae.

Eligible Transactions

• One-Unit, include Condominiums

• Principals residence, second home and investment property transactions

• Limited cash-out refinance transactions up to a 90% LTV/CLTV for investment properties

• Cash-out refinance transactions up to a 70% LTV/CLTV for principal residences: up to a 60% LTV/CLTV for second homes and investments properties

• Loan casefiles that receive an Approve/Eligible recommendation.

What does this mean?

• This means shorter origination process time because obtaining and reviewing an appraisal will not be necessary.

• Lenders no longer need to warrant the data of marketability of the property other than estimated value.

• To exercise a PIW offer, lenders simply provide Special Feature Code (SFC) 801 at time of loan delivery to Fannie Mae.


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