Collateral and Appraisal News - Fed Addresses Delays

Posted To: Pipeline Press

Some may have the perception that no MI company has ever paid a claim, which isn’t true. USMI, the trade group for the majority of MIs, states that MI companies have paid over $50 billion since Fannie & Freddie entered conservatorship, having paid roughly 97 percent of valid claims to date with the remainder due over time. Employees of MI companies will tell you that reminding lenders of this has been an ongoing challenge. (The head of Bank of America Corp. said that banks would be able to supply a bigger share of funding for home purchases if the standard down payment for buyers was cut to 10 percent from 20 percent. Huh?) Appraisal Issues Appraisals taking too long in your county, and thinking that it should be attributed to shortfalls in the availability of state-certified and...(read more)

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from Mortgage News Daily http://ift.tt/2qJR4QV