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? re: using CU's for Mortgages

The last post in this topic was posted 2113 days ago. 

 

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Just curious, as DW gets all the CU ads for Mortgages. Being in California, where property values are "high" so to speak, and as we all usually believe that our home is worth more than it probably is. I had a ?, how do Pen Fed, NASA, et al compare with regards to Home Values compared to say Chase, Citibank, BofA, etc. More conservative? More liberal? in the same ball park as the major lenders? Can anyone share their experiences? Thanks in advance.

 

Have a great rest of your week!!

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Plus 1 for what Brian says. Lenders don't do values, appraisers do. Most lenders use an AMC (Appraisal Management Company) to blindly order appraisals from independent 3rd party appraisers. They often don't know who is doing the appraisal until the appraisal is done and delivered to the lender for the underwriter to review.

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all banks should use a local appraisal to determine the value

Correct, however after the crash, I do know that ALL Lenders now use a "consortium" of appraisers, referred to as Appraisal Management Companies, which doesn't necessarily mean that you will receive a local appraiser doing your home appraisal. It could be an appraiser from +100 miles away (though highly unlikely, it is a possibility, the last company was from Orange County and we are located 86 miles away, tho the appraiser was local). Which means that your value is what they are coming up with using strictly comp's. Now that does open up the possibility of Rebuttals, which I know are very few and far between these days with regards to acceptance levels by lenders. I guess I was hoping someone would have some knowledge in this area. I apologize for not phrasing my ? better.

Edited by MJPEREZ77

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all banks should use a local appraisal to determine the value

Correct, however after the crash, I do know that ALL Lenders now use a "consortium" of appraisers, referred to as Appraisal Management Companies, which doesn't necessarily mean that you will receive a local appraiser doing your home appraisal. It could be an appraiser from +100 miles away (though highly unlikely, it is a possibility, the last company was from Orange County and we are located 86 miles away, tho the appraiser was local). Which means that your value is what they are coming up with using strictly comp's. Now that does open up the possibility of Rebuttals, which I know are very few and far between these days with regards to acceptance levels by lenders. I guess I was hoping someone would have some knowledge in this area. I apologize for not phrasing my ? better.

 

MOST lenders use AMC's, not ALL lenders. AMC's are required where the loan is an agency loan.

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