I'm trying to understand if what UWM is doing is beneficial to the industry. Are you all upset that I mentioned a company name in asking my question? I am merely trying understand if this will allow for faster appraisals to be completed? One of the most worrisome parts of closing a transaction can be the time between ordering an appraisal and its completion and with so many transactions happening these days, more pressure is put on appraisers by companies and clients to get appraisals completed faster and faster. Is the direction presented in the announcement beneficial to appraisers (allows them to earn relatively similar fees per appraisal but makes their completion faster) and to the lender (faster appraisal means they close faster and reduces risk of a closing falling apart).
I work in real estate and the company I work for is trying to sell a commercial property and the buyer's lender has said the appraisers on their list are backed up anywhere from 6-10 weeks. This means the likelihood for the transaction to close with paperwork, appraisal, holidays, etc. is at the earliest mid-November, but potentially after the first of the year. Now they are using a local lender, but if it was a more national lender, could they speed up the appraisal process.
I work in real estate and the company I work for is trying to sell a commercial property and the buyer's lender has said the appraisers on their list are backed up anywhere from 6-10 weeks. This means the likelihood for the transaction to close with paperwork, appraisal, holidays, etc. is at the earliest mid-November, but potentially after the first of the year. Now they are using a local lender, but if it was a more national lender, could they speed up the appraisal process.