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Homebuying, Selling & Relocating
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Save Time and Money Without An Appraisal
In the fall of 2017, Fannie Mae and Freddie Mac announced that not every mortgage purchase application will require an appraisal. Qualifying borrowers can save time and money and many Premia Relocation Mortgage borrowers do!
How does this work?
Fannie Mae and Freddie Mac use data from listing services, public records, and historical home values to determine a home’s value.
“This is a move towards common sense,” says Tom James, president of Premia Relocation Mortgage. “A treasure chest of data exists that can provide a holistic analysis of collateral risk.” James went on to explain that an appraisal history on millions of homes, and the homes surrounding them, already exists. This historical data can be coupled with real-time data to help determine if an area is increasing or decreasing in value.
Qualifications for the appraisal waiver are:
• Purchase loan having 80% or lower loan-to-value ratio
• Conforming loan amounts
• Single-family and condo properties, primary occupancy and second homes
"By leveraging big data and advanced analytics, as well as 40+ years of historical data, we're cutting costs and speeding up the closing process,” said David Lowman, executive vice president of Freddie Mac's Single-Family Business.
Benefits for the relocation industry are:
• Borrowers who qualify may no longer need to wait for an on-site appraisal or deal with a shortage of local appraisers
• Realtors may begin to write shorter contracts which could lessen some relocation expenses such as temporary housing, storage, etc.
• Less lender fees for transferees or corporate relocation programs
- Apr 15, 2019
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