NC Appraising
Elite Member
- Joined
- Apr 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Just got word that Truist just started using waivers, PDC, desktops with property inspections, etc. whatever else or whatever you want to call it...
As you know, Truist has there on panel and also uses a AMC. Of course, Truist will be using one of the big 5 approved AMCs for the property inspection portion.
To be honest, the contact at the bank was giddy/enthusiastic.
My contact at the bank also said that they are really slow....
So, if you depend on this bank for work, and wonder where some of your orders are......you now have the answer it is not just that the market is slow (that is a main reason tho). (all of a sudden less orders).
SAVE IT..I know, late to the news, told you so, where have you been?..I KNOW WHO YOU ARE. Block me and do not be a POS...we/I knew this was coming, just trying to give a heads up to my fellow appraisers.
FWIW: AS A SIDE NOTE
www.mba.org
WASHINGTON, D.C. (October 18, 2023) — Mortgage applications decreased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 13, 2023.
The Market Composite Index, a measure of mortgage loan application volume, decreased 6.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7 percent compared with the previous week. The Refinance Index decreased 10 percent from the previous week and was 12 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6 percent from one week earlier. The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 21 percent lower than the same week one year ago.
“Applications decreased to their lowest level since 1995, as the 30-year fixed mortgage rate increased for the sixth consecutive week to 7.70 percent – the highest level since November 2000,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Both purchase and refinance applications declined, driven by larger drops for conventional applications. Purchase applications were 21 percent lower than the same week last year, as homebuying activity continues to pull back given reduced purchasing power from higher rates and the ongoing lack of available inventory. The ARM share was 9.3 percent, the highest share in 11 months, as some borrowers look for alternative ways to lower their monthly payments. Refinance activity was at its lowest level since early 2023. There is very limited refinance incentive with mortgage rates at multi-decade highs.”
As you know, Truist has there on panel and also uses a AMC. Of course, Truist will be using one of the big 5 approved AMCs for the property inspection portion.
To be honest, the contact at the bank was giddy/enthusiastic.
My contact at the bank also said that they are really slow....
So, if you depend on this bank for work, and wonder where some of your orders are......you now have the answer it is not just that the market is slow (that is a main reason tho). (all of a sudden less orders).
SAVE IT..I know, late to the news, told you so, where have you been?..I KNOW WHO YOU ARE. Block me and do not be a POS...we/I knew this was coming, just trying to give a heads up to my fellow appraisers.
FWIW: AS A SIDE NOTE
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 13, 2023.
www.mba.org
WASHINGTON, D.C. (October 18, 2023) — Mortgage applications decreased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 13, 2023.
The Market Composite Index, a measure of mortgage loan application volume, decreased 6.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7 percent compared with the previous week. The Refinance Index decreased 10 percent from the previous week and was 12 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6 percent from one week earlier. The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 21 percent lower than the same week one year ago.
“Applications decreased to their lowest level since 1995, as the 30-year fixed mortgage rate increased for the sixth consecutive week to 7.70 percent – the highest level since November 2000,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Both purchase and refinance applications declined, driven by larger drops for conventional applications. Purchase applications were 21 percent lower than the same week last year, as homebuying activity continues to pull back given reduced purchasing power from higher rates and the ongoing lack of available inventory. The ARM share was 9.3 percent, the highest share in 11 months, as some borrowers look for alternative ways to lower their monthly payments. Refinance activity was at its lowest level since early 2023. There is very limited refinance incentive with mortgage rates at multi-decade highs.”
