In today’s video blog, President of AAA Appraisal Management Company, Marlene Minite, discusses FHA Guidelines with Chief Appraiser Mark Liley.
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At a recent conference, the topic of revisions and conditions came up. So many loans are lost every year due to the untimely handling of revisions and conditions. This is a huge problem in our industry, not to mention how silly it is to lose months of hard work over improper phrasing or a typo in a report.
For those of you who are unfamiliar with this topic here is a quick break down:
The appraiser fills out an appraisal report and sends it to the lender. Then the lender’s underwriter goes through the report and requests changes or corrections; we call these revisions and conditions for the report. It comes back to the appraisal management company and we ask the appraiser to make the changes. The loan cannot be funded if the there is a mistake on the report, no matter how small, or if the report is not filed on time.