United Wholesale Mortgage Plans to Ditch Appraisal Management Companies
Each day we scour the marketplace for news to share that is pertinent to both consumers and real estate industry professionals alike. When we saw this article the title was one of "interesting" wording, so after reading between the lines it still brings good news to the table. Ask any Realtor® or Mortgage Loan officer and even the Buyers and Sellers who wait anxiously for appraisal results. Over the last 18 months, that process has slowed to a crawl, and in many instances the finger pointing somehow always tends to implicate the Appraisal Management Companies (AMC).
They do not perform the actual appraisal but instead act as an administrative middleman between the lender and the appraiser through their involvement that starts literally from scheduling and assigning an appraiser to delivery. Are they really necessary? Well, United Wholesale Mortgage (UWM) doesn't seem to think so. The lending giant has announced that their brokers will no longer have to employ the services of an AMC and they will undertake the process from start to finish, which should mean faster turn times for appraisal results, which is music to everyone's ears, and more money for the folks actually doing the work...the appraisers.
Because the fees collected by the AMC's will no longer be necessary to facilitate a transaction, according to UWM that is a savings that can be passed on to the borrower. Sometimes cutting out the unnecessary red tape brings with it a sigh of relief, and some much needed good news. Well done UWM.
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