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Old 02-17-2009, 01:18 PM
Katalin Farkas Katalin Farkas is offline
 
Join Date: Jul 2004
State: California
Professional Status: Licensed Appraiser
Posts: 36
Default DU Refi Plus™ -Appraisal Criteria

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.
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Old 02-18-2009, 05:19 AM
Crippled Chef Crippled Chef is offline
 
Join Date: Feb 2009
Location: Central NY
State: New York
Professional Status: Licensed Appraiser
Posts: 102
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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"!!
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Old 02-18-2009, 05:40 AM
Carnivore's Avatar
Carnivore Carnivore is offline
 
Join Date: Jan 2002
Location: Queen City
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 12,584
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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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