Posted on: 02nd Dec, 2009 02:20 pm
HOw loan will take to the lender to apperas the building. And how long will take to get the loan OK?
It takes about an hour for the Appraiser to be at your house, then a few days for her to put it together and deliver it to your Loan Officer. How long it takes to do the loan depends on the Lender you're using. Some can do it in 20 or so days and some take 60 or more.
boy i hope they're not giving appraisals to loan officers, because that'll get each of the loan officers in hot water. after all, we can't speak with appraisers any more since we're likely to tell them to cheat, right?
i think i've given up on being optimistic about processing times. i have a loan i originated in september that is finally going to closing tomorrow (first time homebuyer product makes it difficult, but this was a flip too, we discovered, with "excessive" net profit to the seller). our local state agency that specializes in first time homebuyer loans is 2-3 weeks behind currently in underwriting, i am told. i guess demand is up...or else the whole underwriting took thanksgiving week off.
i think i've given up on being optimistic about processing times. i have a loan i originated in september that is finally going to closing tomorrow (first time homebuyer product makes it difficult, but this was a flip too, we discovered, with "excessive" net profit to the seller). our local state agency that specializes in first time homebuyer loans is 2-3 weeks behind currently in underwriting, i am told. i guess demand is up...or else the whole underwriting took thanksgiving week off.
>>i hope they're not giving appraisals to loan officers, because that'll get each of the loan officers in hot water.
The Appraisal is still delivered to me. All I do is FHA and the new guidelines for FHA will be implemented on January 1. After that I won't be able to order the Appraisal (actually, anyone with a financial interest in the loan won't be able to order it). I don't know who it'll be delivered to after its been completed, its been a while since I read the revised guidelines.
Actually, there are quite a few changes happening on January 1, and I'm not sure everybody is in sync with them. I keep hearing different stories about how the new guidelines are being interpreted, and it seems most changes will in the "Mortgage Broker" side of the house, as opposed to the "Mortgage Banker" or "Bank". It's a little scary.
I've been Brokering Reverse Mortgages for a little longer then 5 years, and
am now switching to the Banker side. I'm in the final stages of interviewing with Bank of America to be a Reverse Mortgage Specialist and should be onboard before the craziness starts on January 1. Tomorrow my last Reverse Mortgage client will sign their final documents, and that'll be it for me for 2009. It'll also be the last file I do as a Mortgage Broker.
The Appraisal is still delivered to me. All I do is FHA and the new guidelines for FHA will be implemented on January 1. After that I won't be able to order the Appraisal (actually, anyone with a financial interest in the loan won't be able to order it). I don't know who it'll be delivered to after its been completed, its been a while since I read the revised guidelines.
Actually, there are quite a few changes happening on January 1, and I'm not sure everybody is in sync with them. I keep hearing different stories about how the new guidelines are being interpreted, and it seems most changes will in the "Mortgage Broker" side of the house, as opposed to the "Mortgage Banker" or "Bank". It's a little scary.
I've been Brokering Reverse Mortgages for a little longer then 5 years, and
am now switching to the Banker side. I'm in the final stages of interviewing with Bank of America to be a Reverse Mortgage Specialist and should be onboard before the craziness starts on January 1. Tomorrow my last Reverse Mortgage client will sign their final documents, and that'll be it for me for 2009. It'll also be the last file I do as a Mortgage Broker.
>>i hope they're not giving appraisals to loan officers, because that'll get each of the loan officers in hot water.
The Appraisal is still delivered to me. All I do is FHA and the new Appraisal guidelines for FHA will be implemented on January 1. After that I won't be able to order the Appraisal (actually, anyone with a financial interest in the loan won't be able to order it). I don't know who it'll be delivered to after its been completed, its been a while since I read the revised guidelines.
Actually, there are quite a few changes happening on January 1, and I'm not sure everybody is in sync with them. I keep hearing different stories about how the new guidelines are being interpreted, and it seems most changes will in the "Mortgage Broker" side of the house, as opposed to the "Mortgage Banker" or "Bank" side. It's a little scary.
I've been Brokering Reverse Mortgages for a little longer then 5 years, and
am now switching to the Banker side. I'm in the final stages of interviewing with Bank of America to be a Reverse Mortgage Specialist and should be onboard before the craziness starts on January 1. Tomorrow my last Reverse Mortgage client will sign their final documents, and that'll be it for me for 2009. It'll also be the last file I do as a Mortgage Broker.
The Appraisal is still delivered to me. All I do is FHA and the new Appraisal guidelines for FHA will be implemented on January 1. After that I won't be able to order the Appraisal (actually, anyone with a financial interest in the loan won't be able to order it). I don't know who it'll be delivered to after its been completed, its been a while since I read the revised guidelines.
Actually, there are quite a few changes happening on January 1, and I'm not sure everybody is in sync with them. I keep hearing different stories about how the new guidelines are being interpreted, and it seems most changes will in the "Mortgage Broker" side of the house, as opposed to the "Mortgage Banker" or "Bank" side. It's a little scary.
I've been Brokering Reverse Mortgages for a little longer then 5 years, and
am now switching to the Banker side. I'm in the final stages of interviewing with Bank of America to be a Reverse Mortgage Specialist and should be onboard before the craziness starts on January 1. Tomorrow my last Reverse Mortgage client will sign their final documents, and that'll be it for me for 2009. It'll also be the last file I do as a Mortgage Broker.
so b of a will, as of 1/1, have someone on board to be a reverse expert, eh? good luck to you raymond...i know you know your stuff, so that's not much of an issue, is it? i hope the banking knuckleheads don't tread on you. i'm sure you'll find it quite a different culture. but you'll not suffer, i'm also sure.
oh...my reference to the appraisal not being delivered to the loan officer pertained to how prospect began to set things up a few months ago. it was ugly - supposedly the processor was to handle the ordering of the appraisal, but we still did it ourselves in our branch for the most part. but the "middle man" agency set up was, of course, a prospect subsidiary, and their service and pricing were atrocious. they're still struggling mightily with it. but they tried to take the appraisal situation out of our hands completely; i guess they were trying to get ready for the new guidelines.
>>good luck to you raymond
Thank you George
>>...i know you know your stuff, so that's not much of an issue, is it?
No, it won't be an issue at all. The folks that interviewed me said they already know I'll be the top of my class when I attend the schooling.
>>i hope the banking knuckleheads don't tread on you. i'm sure you'll find it quite a different culture. but you'll not suffer, i'm also sure.
I sure hope you're right, it's going to be so different for me. The thing I keep thinking about most is having to get up early. As a Broker I get up in the morning whenever I want, not to an alarm clock. I'm going to miss that part of life.
Thank you George
>>...i know you know your stuff, so that's not much of an issue, is it?
No, it won't be an issue at all. The folks that interviewed me said they already know I'll be the top of my class when I attend the schooling.
>>i hope the banking knuckleheads don't tread on you. i'm sure you'll find it quite a different culture. but you'll not suffer, i'm also sure.
I sure hope you're right, it's going to be so different for me. The thing I keep thinking about most is having to get up early. As a Broker I get up in the morning whenever I want, not to an alarm clock. I'm going to miss that part of life.
i'm finding in this period of inactivity that i'm dealing with that it's hard to start as early as i used to. actually, even working as a lender and not a broker, but having flexibility, i found myself slowing down in the mornings. i'm an early riser, too, so i don't have that excuse.
i'm hopeful to be taking a salaried position in a few weeks - they need to hire me, in fact - and then i'll have to get used to the "grind" again. based on the value that the position will bring to me, i'm willing to do it, of course.
once again, with your new situation, you'll be fine, i'm sure.
i'm hopeful to be taking a salaried position in a few weeks - they need to hire me, in fact - and then i'll have to get used to the "grind" again. based on the value that the position will bring to me, i'm willing to do it, of course.
once again, with your new situation, you'll be fine, i'm sure.
It depends on the size of the building.
christine, i don't think raymond will be bothered by building size at all. banks come in a wide variety of shapes and sizes, and i think he'll be fine in any event.