Unfortunately, we are not yet at bottom of the economic slowdown, although we may have gone through the most significant period of our credit crisis. While housing credit losses have slowed down and will soon be behind us, credit card losses and commercial lending losses are still posting increases. Remember not just home loans, but other loans, commercial, auto, student, lines of credit, etc. are securitized as well.
The good news over the last 2 weeks, though, is that a strong number of economists do believe that the worse of our credit woes are behind us, and that it looks like our economy will begin to rebound in the next 6 months.
The Home Valuation Code of Conduct officially went into affect today.
This new ruling is aimed at appraisals, and the integrity of home valuation. It affects all of us, all lenders, all mortgage brokers, all realtors. The 2 most important things to understand follow.
First, lenders must document that appraisals were delivered to borrowers within 3 days after underwriter/loan approval. Problems will arise if loan approval is not completed at least 3 days before the signing date, to meet a close date the next day. There is a waiver that the buyer can sign to avoid this 3 day delivery requirement. Can you be confident that the buyer's lender is on top of these things? Second, lenders cannot accept any appraisal from other lenders.
David J Edwards
Real Estate Agent & REALTOR
The David J Edwards Team
Keller Williams Realty Southeast Sound
Phone: 425-890-8045
Fax: 425-902-1899
E-Mail: david@davidjedwards.com
Website: http://www.davidjedwards.com
Blogsite: http://www.davidjedwards.com/real-estate-blog.asp
Mobile Site: http://davidjedwards.mofuse.mobi
Community Reports: http://www.topmarketer.net/CSR/CSReport.aspx?CV4GU5KAYOEFView This Week’s Market Conditions Around Your Home: http://www.homeinsight.com/Widget/default.asp?BFBMVVHW4HZT
The David J Edwards Team specializes in Residential Real Estate for buyers and sellers.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment