By Marian Garcia-Stevens NMLS#267152,Ks0002436,Mo12621mlo,Co100503962,Wa267152mlo,Ia26599
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.
resource: Fanniemae
Marian Garcia-Stevens 