Many times a lender will lose a loan to another lender due to the higher fee cost of a full appraisal. There is a solution to this problem. The 2010 federal regulations allow a lender to order and an evaluation opposed to a full appraisal. The evaluation can be prepared at a lower fee than a full appraisal, thus lowering the renewal of the loans closing cost. These evaluations can be used for loan renewals and new money loans based on the following criteria,
New Money Owner Occupied: > $250,000 Tax Card Valuation
New Money Owner Occupied: > $1,000,000 Sales Approach
New Money Investment: > $1,000,000 Income Approach
Other Conditions Apply to Renewals
This is just a partial listing of available uses of evaluations.
Considerations: Loan Risk Grade, Type of Collateral, Business Enterprise etc:
We can provide you with a complete set of guidelines of types, cost and sample reports at your request. Just send us an email for that information.
In order to keep loans on the books and book new loans, the lender has to be competitive in the market and this tool gives the lender the option of using an evaluation for to be more competitive in the loan production department.
Online ordering and tracking is available.
Please Note: These reports meet or exceed FDIC guidelines and have been tested by their reviewers and examiners. In addition Georgia has adopted the Interagency Evaluations Guidelines: Click her for that document: Georgia Evaluation Rules
|This service is supplied by Bankrate.com and is protected by copyright and owned by Bankrate.com.|