NETO
Where can I find Appraisals/AVMs?
Interfaces > Appraisal
Interfaces > AVM
Workbench > Loan Document Management > filter to All Docs or Interface docs
Clue:
•I’m the first value BOs see
•Sometimes I’m discarded depending on the loan amount
•People forget to appeal me
AVM
No, 10th business day would be 9/25/24
Is this a Defect? Why or Why not
We sent the borrower their appeal form and advised we need it back within 10 business days.
Yes, we needed to attach the AVM or Appraisal report as well as the appeal form
What're the requirements for comparable sales?
1-3 Comps (no more than 3)
Sold within 6mo
Needs to be within same subdivision
Must have similar build style, sqft, room count
Where can I find the appraisal strategy?
Workbench > Loan Overview > Loan Information
What appraisal types are exterior appraisals?
2055, 1075, DVI
Borrower wanted to request a new appraisal type, can we accommodate bo's request? Explain why or why not
No because appraisal types are based off of loans being QM vs nonQM, loan amount, and the State. Different scenarios trigger specific evaluation types.
Is this a Defect? Why or Why not
Borrower states that his neighborhood had properties last sold in 03/2023 and we advised that bo can add the comps on the dispute form
Yes because comps need to be within 6 months of the application date
True or False: Do we need remarks to show a TL approval for Appraisal Disputes?
False, only for AVM appeals
Clue:
•I see EVERYTHING
•I normally do this in TX, unless you’re non-QM
DVII, 1073, 1004 (interior appraisal)
Jaden's emailed his appeal form to you. His form reads:
"My property was purchased back in 2007 for about $420k and your value came back at $566k. We've had the kitchen remodeled and updated the flooring, along with a new roof. Your evaluation said my property had 3 bathrooms but I have 4, so my square footage must be off. I've attached a private appraisal I've had on my home from 2021 for reference"
Advise to remove $ values and that we need proof of county records for improvements. Also, advise we cannot use other appraisal reports.
Is this a Defect? Why or Why not
No other options were available to restructure due to CLTV and we advised the decline due to CLTV
No, our Reconsideration of Value DHL Procedure: section AVM step 2 and section Property Valuation step 2 do not require us to offer disputes to BOs
How many days does the bo have to complete their dispute form? Where'd you find it?
10 Business Days, Reconsideration of Value Procedure or the dispute form itself
If we're disputing an AVM, how do we update the value being used for the loan?
Workbench > Appraisal Info > Check the Appraisal Appeal box
Do PCRs evaluate the value of the property? If yes, what type of appraisal is it (interior/exterior), if no, why?
No because a PCR is a Property Condition Report, it only inspects the outside condition of the property to ensure that the property is physical/no significant damages, there's windows, etc.
Jonathan sent his appeal form within the 10 business days requirement; however, he didn't fill it out correctly. Gen Chat requests us to remove the values to proceed. What timeframe should we provide for the bo to complete the revision?
Provide 7 calendar days to complete revisions
Is this a Defect? Why or Why not?
The borrower indicated that he wants to dispute. After discussing the dispute process, we scheduled a callback with the borrower for tomorrow to complete the form so we can continue updating the application
Yes, because we need to select the "appraisal appeal" box in Workbench > Appraisal Info and attempt to price the loan and get BO prequalified
True or False:
We send AVM and Appeal forms to Gen Chat (Smil, Vanessa, Brandon) for approval to dispute
Explain your answer
False, Appraisal disputes are sent to Gen Chat and AVM disputes are sent to TL/TCs to approve
After sending the bo the dispute form and remarking, what else should we do in Net-O?
Create a condition (PTP if AVM, PTS if Appraisal)
What type of interior appraisal is completed in a Condo?
1073
TX app shows non-QM and CLTV is below 80% (Pre-ATP) with the AVM value. Should we be using the AVM value or the Stated?
We would be using stated value since CLTV is within guidelines
Is this a Defect? Why or Why not?
After advising the dispute process, we mentioned to bo that we will conduct an external appraisal in Processing to determine their value along with their dispute form.
No because we advised required info and advised the specific appraisal type (external) that we'll be using in the next stages
The new appraisal came back as the same value from our previous appraisal done a few weeks ago for application #1234, but the bo wants to know why the value didn't change. Where can we find that?
Opening up the new appraisal report uploaded and discuss the Appraiser notes
Tip: Using the dispute form and CTRL F bo's disputed comps or key words helps find the appraiser comments faster