With Hurricane Irma on its way, we want to remind everyone of the potential impact that storms like this can have on the mortgage process. BankSouth Mortgage is doing everything we can to make sure our loans close on time, but we cannot predict factors that may extend the loan process due to the storm. If you or one of your clients have an upcoming closing, please read the following carefully, and contact your Mortgage Banker for more information. FEMA declared disaster areas (and surrounding areas) require an additional appraisal inspection to check to see if the home and its value are still intact. This will add an additional fee of $125, paid by the borrower, and can delay the process further. In addition, if there is significant damage in the area, it may take more time for appraisers to access certain areas and their services may be in higher demand due to this additional requirement. Your loan officer will communicate if this requirement applies to you or your client. With the threat of potential damage to homes, many insurance providers will cease providing insurance binders until after the storm. Loans cannot close without the insurance binder, so we are dependent on the insurance companies to remove the hold. If you or your customer has not finalized their insurance yet, but is still able to do so, we recommend they consider binding that policy if they believe it’s beneficial. In addition to these two potential challenges, everyone must consider the logistics during and after the storm. Realistically, the parties will need to be able to get to the ...
Last week Fannie Mae announced some big news – Purchase transactions are now included in their Property Inspection Waiver program, meaning certain purchases are eligible to have no appraisal required! This news is a huge advancement from the Property Inspection Waiver product that was announced late 2016 (see our post here ) that allowed appraisal requirement waivers on refinance transactions only. Not having to get an appraisal will shed a significant amount of time from the mortgage process, not to mention saving borrowers money. This program is now implemented and is available on one-unit purchases (including condos) when buyers put at least 20% down. It’s currently available to primary residence and second home purchases but is not offered for investment properties. Borrowers still have the option of having an appraisal done if they prefer. So now you may ask yourself how are they doing this and what does it mean? Through Fannie Mae’s program Collateral Underwriter (CU), they are able to look up past appraisals and see if it is associated with the current borrowers on the loan. If the appraisal information is found, they will use that to determine if the file is eligible for a PIW. This process will not only save borrowers a lot of money on appraisal fees, but will also help to streamline the mortgage process as a whole. This program is evidence of the mortgage industry continuing to evolve and improve efficiencies as greater data and technological resources come available while adjusting to market conditions and homeowners’ needs. ...
Did you know May is National Moving Month? Between college students coming home for the summer and families packing up and heading to a new home, May is the busiest season for saying hello to new digs. While moving makes for an exciting time in people's lives, it can also be physically demanding and stressful. But not to worry. If you or someone you know is looking to move this year, we've got you covered with the below tips for a smooth move. If you're planning to hire a moving company, make sure you do your homework. The Federal Motor Carrier Safety Administration (FMCSA) offers these tips for finding a legitimate mover: 1. Check that the mover is registered with FMCSA. All interstate household movers must be registered with the Federal government and have a U.S. DOT number and a proper level of insurance. Watch out for scam artists who don't have these credentials so you don't put your precious belongings in the hands of the wrong people. 2. Ensure the mover does an onsite inspection of your home before providing you with an estimate. Avoid receiving estimates over the phone, and be sure to get the estimate in writing before signing on the dotted line. 3. Review the insurance policies closely. The mover should offer you an option for Full Value Protection, which will provide you with the replacement value of lost or damaged goods. Be wary of Released Value Protection, which is typically offered at no additional cost and only covers you for no more than 60 cents per pound per article. For example, if your mover lost a 10 pound TV valued ...
ATLANTA, Ga. - BankSouth is proud to announce that Atlanta Market President and CEO of BankSouth Mortgage, Kim Nelson, was nominated for the Georgia Chapter of the Leukemia & Lymphoma Society’s Executive Committee and humbly accepted the nomination. Nelson led the charge for BankSouth Mortgage’s 2016 sponsorship of the LLS Light the Night event and helped to raise over $13,000 for the cause. Having had loved ones affected by lymphoma, LLS’ fight is close to her heart. According to LLS, the role of an executive committee member is defined as, “An Executive Committee Member will drive revenue growth and help accelerate corporate development for the Light The Night Walk to support The Leukemia & Lymphoma Society’s ultimate goal of creating a world without blood cancers.” “I am humbled and honored to serve on the Executive Committee for LLS,” said Nelson. Many advancements have been made in the treatment of blood cancers, but there’s still a long way to go, and I am proud to officially partner with LLS to help do my part. BankSouth Mortgage was a sponsor in the 2016 Light The Night event and it was heartwarming to see our employees’ excitement and engagement with this cause. A few members of our team have been directly affected with blood cancers, so this makes the collective effort even more special. We are excited to begin our fundraising for the 2017 Light The Night Walk and helping to create a world without blood cancers!”
Appraisals – a thing of the past? With the introduction of Fannie Mae’s Enhanced Property Inspection Waiver (PIW) program, whisperings have broken out over the potential for the appraisal requirement to go away. In short, the answer to this question is no, appraisals are still a requirement for the majority of loans, and there is no evidence that this requirement will go away any time in the near future. The longer answer to this question is that there is some validity to these rumors. As of December 10th , Fannie Mae will enhance their PIW program that waives the appraisal requirement on certain refinance loans with lenders that utilize Desktop Underwriter (DU). In addition, after the 1st of January, they will also waive the $75 PIW fee that borrowers were incurring. One unit properties, including condos are eligible for the PIW program, and LTVs will go up to 90% for limited cash out refinances. So now you may ask yourself how are they doing this and what does it mean? Through Fannie Mae’s program Collateral Underwriter (CU), they are able to look up past appraisals and see if it is associated with the current borrowers on the loan. If the appraisal information is found, they will use that to determine if the file is eligible for a PIW. This process will not only save borrowers’ money on appraisal fees, but will also help to streamline refinancing as a whole. With interest rates on the rise, programs like this will hopefully continue to encourage homeowners to refinance when conditions are in their favor and when a cash out refinance may benefit their situation. ...