It’s no secret that appraisers are in high demand — especially in rural areas and during peak home-buying season. In some cases, this can slow down closings and potentially drive up loan costs with longer initial interest-rate locks or for lock extensions.
Scott Fletcher, president of Risk and Compliance at Fairway Independent Mortgage Corporation, is eager to share the benefits of Fannie Mae’s property inspection waiver (PIW) with his peers. He’s already experiencing improved operational efficiencies with PIWs that lower Fairway’s origination costs.
PIWs are part of Fannie Mae’s Day 1 Certainty™ initiative. Day 1 Certainty streamlines key aspects of the mortgage origination process. A property inspection waiver (PIW) is an offer to waive the appraisal for certain refinance transactions.
Fannie Mae issues PIW offers through Desktop Underwriter® (DU®) using its database of more than 24 million appraisal reports in combination with proprietary analytics from Collateral Underwriter® (CU™) to determine the minimum level of property valuation Fannie Mae requires for loan deliveries. Click Here to Read Full Article