Second Mortgage : Second Mortgage 6 Clips CompleteMortgageProcessing.com
Compliments of : Compliments of Stephanie Graham
Your Mortgage Trainer
Complete Mortgage Processing
and Your Source for Real-World Mortgage Training
Today’s Topic : Today’s Topic Common Appraisal Problems
Appraisal Problems Could be Serious : Appraisal Problems Could be Serious BE IN THE KNOW…
Know the key sections of an
appraisal report
Know what the underwriter
looks for
Three BIG Issues… : That often cause delays #1 - Value Problems
Low value - Sentimental estimates, distressed sales, declining area
Excessive value – Prove why it’s worth so much more than the same house next door
Comparables - Need to estimate value from homes of similar size, style, and close by
Three BIG Issues…
Three BIG Issues… : That often cause delays Three BIG Issues… #2 - Incomplete/Incorrect Information
Owner/borrower information
Property address
Legal description
Occupancy type
Property tax
Subdivision name
Slide7 : Three BIG Issues… That often cause delays #3 - Appraiser Credentials
Are they an intern or a licensed appraiser?
Is the license currently valid?
Are they approved with
your lender?
Any disciplinary action
for previous violations? John C. Appraiser
Let’s Review : Let’s Review Be aware of these common appraisal issues:
Value Issues
Inaccurate report details
Proper credentials
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Second Mortgage : Second Mortgage 6 Clips www.CompleteMortgageProcessing.com