Published on September 16, 2014
Written by The Servion Group
Many examiners have begun suggesting (or requiring) appraisal reviews on all mortgage loans. To assist owners and partners, CU Companies now offers appraisal desk reviews on any first or second mortgages. Desk reviews help to verify the accuracy of an appraisal before the loan closes.
“Regulations require financial institutions to have an independent real estate appraisal and evaluation program,” said Steve Albers, CU Title President. “We have expanded our expertise into appraisal desk reviews to help our owners and partners comply.”
“We have nearly 20 years of experience as a title company. Our staff is made of professional, objective, and ethical individuals who understand the business inside and out,” added Albers.
By obtaining a desk review, the lender is ensured that the appraisal was done in an acceptable manner and the information therein is valid. These reviews do not typically slow down the loan process or underwriting time and will be completed in 48 hours. CU Title Services, Inc. offers this service for $120 on first or second mortgages throughout the United States.
If the desk review shows that the appraisal doesn’t meet all the standards or contains inaccurate data, a field review may want to be ordered. If that is the case, the lender orders a field review from the Appraisal Management Company.
For more information, contact Sandy Oleson, CU Title Account Executive, at email@example.com or 763-742-0678.