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DU Refi Plus™ -Appraisal Criteria

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Katalin Farkas, Feb 17, 2009.

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  1. Katalin Farkas

    Katalin Farkas New Member

    0
    Jul 18, 2004
    Professional Status:
    Licensed Appraiser
    State:
    California
    Fannie Mae, DU Plus, To Open Up Refi Option with relaxed Credit, Appraisal Criteria
    Fannie Mae is building on its current efforts to support the market and provide additional liquidity to the housing finance system through expanded refinance options. To allow more borrowers to take advantage of today's historically low interest rates and help the lending community break the logjam in mortgage refinancing, the company is extending its refinance offerings through DU Refi Plus™. DU Refi Plus™ will streamline the underwriting of refinance transactions for potentially millions of current mortgage holders. Under DU Refi Plus™, the company will be able to identify an existing Fannie Mae loan and review the performance history. This will allow lenders, regardless of the servicer, to enjoy expanded refinancing business opportunities and streamlined processing. The company will also implement underwriting flexibilities for company-owned, refinanced loans, including expanded eligibility criteria. In addition, we will expedite the refinancing process for Fannie Mae-owned loans by, under certain conditions, leveraging our automated risk assessment capabilities to validate the current market values in lieu of traditional appraisal or property inspection requirements.
     
  2. Crippled Chef

    Crippled Chef Sophomore Member

    0
    Feb 7, 2009
    Professional Status:
    Licensed Appraiser
    State:
    New York
    I didn't realize there was a "logjam" in the mortgage refinancing business! I guess we appraisers are part of the "jam" they are trying to eliminate. Why not get rid of the loan officer who still breaks all the rules, the title officer who finds clouds on the title, the home inspector who discovers defects, the pinhead underwriter who can't understand why my nearest comp is 10 miles away? If we did all that we would truly remove the "logjam" in the refinancing market!! Just have someone at the lender write a check to the borrower for whatever the borrower says they can afford. Send B.O and his cohorts the bill for the difference. Now that's what I call "streamline"!!m2:
     
  3. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    I also here of Appraisals fees being outrageous. Something on the tune of $350-$450 dollars and it takes weeks to get the report.

    It always seemed odd to me when they accuse the appraiser of being a major part of the log-jams considering the reality of typical 24-48 hour turn times.

    I thiink a closer examination would reveal the AMC's/lenders are the ones actually holding this process up?
     
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