Computer generated appraisal?
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Yet another question for loan officers. My client has refinanced like five times. He says every time he does he gets to do the computer generated appraisal. I have had the option of doing this one time with Wells Fargo, however, the appraisal had already been done, so it was too late. My question is, does DU decide whether or not the computer generated comps are acceptable, or are there certain banks that are more likely than other banks to accept this.
Computer generated appraisal?DU will determine whether or not you get an Appraisal Waiver. If you are talking about an AVM (Automated Valuation Module), the investor decides whether or not you can use it.
Computer generated appraisal?Unless you are in a large city, these reports can be very inaccurate, and even so, they dont deal with the condition of the house. Be careful trusting them.
Computer generated appraisal?My concern for the lender is are the comps that are computer generated from the MLS system or county records? If so, how accurate is the information and are they verifying it? Doesn't sound like a good estimate of value to me. I'm a Realtor and Appraiser, I double check everything I use from the records. When you derive information from a system, that has human hands inputting the information? You are bound to have typo and errors. Taking the information as correct is a big mistake.
Computer generated appraisal?I had this come up with one of my borrowers i used chase as the lender they always pull a computer generated appraisal and depending on the LTV they may not require a full appraisal. I was at 70% LTV and did not need one.
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