The Six Most Important Things You Need to Know From the Mortgage World this Week.
Shelter Mortgage only uses the very best local appraisers, but why is this so important?
Big banks and brokers are required to and many other mortgage companies choose to use Appraisal Management Companies (AMC’s).
AMC’s draw from a huge network of appraisers. Whoever accepts the order first ususally gets the appraisal. This creates a very impersonal process with little accountability to the real estate agent or Loan Officer involved in the transaction.
Often times, the AMC appraiser will drive from a long distance to complete the appraisal. The result is they often don’t know the area well.
AMC’s drive up the cost of appraisals because a 3rd party is involved, however, the appraisers typically get a pay cut as they only get about half of the collected fee. Thus, many appraisers feel forced to rush orders just so they can make a similar amount of money.
The AMC’s quality control department can also be very strict and most appraisers fear this. The result is usually a very conservative appraised value. Stick with Shelter and avoid the AMC headache!
NMLS# #659050 GA #51170
Senior Loan Officer
Shelter Lending Services
5780 Windward Pkwy, Suite 100
Alpharetta, GA 30005
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If you have questions about your mortgage needs, please contact our preferred mortgage lender – Jim Scheu with Shelter Lending Services at 404.906.6010 or click the blue banner just below to send him an email.
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The material is intended for licensed mortgage professionals only and is not an extension of credit. Information contained in this document is subject to change without notification. ©2016 Shelter Lending Services, LLC is an Equal Housing Opportunity Lender. NMLS#1033753 (www.nmlsconsumeraccess.org). This communication does not constitute a commitment to lend or the guarantee of a specified interest rate. All loan programs and availability of cash proceeds are subject to underwriting and property approval. 695 Mansell Road Suite 200, Roswell, GA 30076. James Williamson NMLS# 552530, AL:#59117, GA:#36174, TN:#120865. Georgia Residential Mortgage Licensee # 38779.