UWM Launches In-House Appraisal Service

United Wholesale Mortgage (UWM) is launching an in-house appraisal service, giving its brokers an alternative to appraisal management companies (AMC) starting October 1. The program gives UWM the ability to handle the appraisal on its own by contracting directly with appraisers. UWM CEO Mat Ishbia said AMCs are “middlemen” that cause unnecessary delays in the lending process. “We understand how important it is for independent mortgage brokers to get a fast and efficient appraisal on their borrowers’ home,” Ishbia said. “This new team will be using state of the art technology, making it faster and easier, so brokers and borrowers can get the elite client service they deserve and expect from UWM.” AMCs are regulated by state agencies and are required…

What to Expect During Your Home Appraisal

By Jennifer A. Chiongbian The Federal Housing Finance Agency announced last month that it is soliciting public comment on ways to modernize the home appraisal process and make it go more smoothly for everyone involved. In the meantime, there are steps homeowners and buyers can take to make appraisals as painless as possible. What is an appraisal? First off, a home appraisal inspection is not the same as a home inspection. The appraiser works for the bank and the home inspector works for you.  The appraiser provides a valuation for the home. The home inspector inspects for structural anomalies, such as electrical, foundational, roofing or window repair issues.  A homeowner looking to sell their house in the near future would…

FHFA Seeks Feedback On Appraisal Process

The appraisal process may be headed for a makeover. The Federal Housing Finance Agency on Monday requested input on potential changes to “appraisal-related policies, practices and processes.” FHFA will take the input and decide if changes need to be made to ensure Fannie Mae and Freddie Mac are operating properly when it comes to appraisals. FHFA is seeking input on: Appraisal modernization.The Uniform Appraisal Dataset (UAD) and the design of appraisal forms.Automated Valuation Models (AVMs) and appraisal waivers.Valuation differences by borrower and neighborhood ethnic makeup. “Modernizing the appraisal process has the potential to create a more streamlined and accurate collateral valuation process. But if modernization is not properly adopted, it could have negative unintended consequences,” FHFA Director Mark Calabria said.…