peturner
Member
- Joined
- Nov 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- Virginia
Turnaround times continue to be a thorn in everyone’s backsides. Who is making the demands, AMCs or lenders?
VaCap conducted a survey during December and January in order to study turnaround times. It has just been completed. Many Appraisers, some even from outside of Virginia shared their information. Over one thousand individual reports were analyzed.
The basis of the study was “When was the contract finalized by both parties and when was the appraisal order actually received and accepted “?
We were surprised with the results!
Direct lenders took 9 days to order the appraisal.
AMCs took 18 days to place the order.
These are averages.
The question is why is there such a significant difference and why are there so many RUSH appraisals?
VaCap conducted a survey during December and January in order to study turnaround times. It has just been completed. Many Appraisers, some even from outside of Virginia shared their information. Over one thousand individual reports were analyzed.
The basis of the study was “When was the contract finalized by both parties and when was the appraisal order actually received and accepted “?
We were surprised with the results!
Direct lenders took 9 days to order the appraisal.
AMCs took 18 days to place the order.
These are averages.
The question is why is there such a significant difference and why are there so many RUSH appraisals?