Back to Basics
what is the normal turn time for BPO's and appraisals?
BPO: 10 business days
Appraisals: 45 days
when we are working a PMIREQ task, but the client has not made their BPO fee, do we send them a letter?
YES! ES020 letter. this is the conditionally approved letter
What is the correct amount for a Fannie and Freddie BPO (not state specific)
$190 and $150
which investor allows an appraisal to be used from a failed/attempted refi?
Freddie Mac
what is the time frame for disputes for freddie and fannie?
freddie: 90 days
fannie: 60 days
when we are creating a denial letter, what do we do if we dont have to put anything on a line?
enter a space using the space bar
based off investor guidelines, what state can we NOT charge a client for a BPO or appraisal
West Virginia
what is the time frame we have to send a client a decision letter?
30 days
what do we need to do when a BPO/Appraisal is denied by Fannie, but the client pays down their UPB to the required amount?
we have to re-submit an AVM on SMDU
when we are filling out the ES020 template, what do we fill in for each box?
box 1: 10 or 45 days
box 2: required return value
box 3: bpo/appr amount
box 4: return ltv (20,25,etc.)
True or false: Fannie loans in Pennsylvania require an appraisal.
True!
if a clients loan is 2-5 years, can they come back at 75% or 80%?
with home improvements= 80%
no home improvements- 75%
which investor do Private Inventors mirror for guidelines?
Fannie!
EXCEPT for BPO cost! Private Investor will be $150!
when we create a denial letter, what field do we enter in the required % (box 1,2,3 or 4)
box 4. you enter 8 80
True or false: if a Minnesota loan's LTOV is greater than 80%, we can order a BPO
False! based off state guidelines, we must order an appraisal
when fannie is making an exception, what do they send us is approved?
an SLW- Single Loan Waiver