Misfitmorgan's Journal - That Summer Dust

[misfitmorgan]

Ok the loan officer told me....

The value is fine. So the appraised value is ok so i wont have to worry about that. There are some sort of guidelines gross adjustments cant be over 25% and net adjustments cant be over 15% or frannie mae says it is unsupported and wont lend on the loan. So basically they are just waiting for more comparables to support the adjustment amounts.

So i think maybe this means the underwriter accepted our paperwork and loan and sent it to frannie mae to get it funded so they could make the loan. Any idea on that part @Latestarter ?

 

[Bruce]

It does seem that way if FM doesn't see it until the underwriter ships the paperwork off. Odd that someone at FM thinks they know the local market better than a local appraiser. Must be a government thing.

 

[Baymule]

Well i would love to come there @Baymule but a trip to Southeast Texas isnt in the budget atm see what i did there?

If you can crack a joke, all is not lost. Maybe your mind is lost, but the loan will go through.

 

[Latestarter]

They don't "send the appraisal or loan" to Fannie for approval... Fannie publishes the underwriting guidelines the UW has to follow when working on a loan. If something doesn't match the guidelines, then it gets flagged and needs to be "fixed"... The whole premise you must understand here is that "if the bank can't sell the loan (to Fannie or Freddie) then they won't do the loan". By selling the loan, they get their money back and can then loan it again. Most/many credit unions do not sell their loans and therefore have much more liberty as to what they will or won't loan on or for. Most will still "follow" Fannie/Freddie guidelines, but they don't "have" to.

Based on what you said, I would assume that the loan is fine and the appraisal issue is the final one to be addressed. I am not familiar with the RE market up there so don't know if other comps can be easily come by or not. Your REA "should" be able to assist the appraiser in finding additional comps that will meet the bank's requirements. Hopefully they can get the appraisal issue fixed and then you should be good to go.

 

[misfitmorgan]

It does seem that way if FM doesn't see it until the underwriter ships the paperwork off. Odd that someone at FM thinks they know the local market better than a local appraiser. Must be a government thing.

The appraisal company is not local per say i dont think, i think they normally do mot of their work downstate which is a completely different market. Not positive though as i didnt see the appraisal only the final number.

If you can crack a joke, all is not lost. Maybe your mind is lost, but the loan will go through.

I pretty much always make jokes i have to or i would lose my mind.

They don't "send the appraisal or loan" to Fannie for approval... Fannie publishes the underwriting guidelines the UW has to follow when working on a loan. If something doesn't match the guidelines, then it gets flagged and needs to be "fixed"... The whole premise you must understand here is that "if the bank can't sell the loan (to Fannie or Freddie) then they won't do the loan". By selling the loan, they get their money back and can then loan it again. Most/many credit unions do not sell their loans and therefore have much more liberty as to what they will or won't loan on or for. Most will still "follow" Fannie/Freddie guidelines, but they don't "have" to.

Based on what you said, I would assume that the loan is fine and the appraisal issue is the final one to be addressed. I am not familiar with the RE market up there so don't know if other comps can be easily come by or not. Your REA "should" be able to assist the appraiser in finding additional comps that will meet the bank's requirements. Hopefully they can get the appraisal issue fixed and then you should be good to go.

Oh i know how the selling the loan portion works. I was telling my mom the problem and she said i thought you were getting a normal loan.....yes mother i am...then why is fannie mae getting involved....*facedesk* Had the explain most all bank loans are bought by freddie or fannie depending on loan type hence the government loan backing on loans and banks being able to do many loans at once. I just dont know the exact steps for a mortgage.

Ok so this is an issue the underwriter found, good to know. There are other comps just not a ton of them to be had which i assume is why they used "unlike" properties to comp in the first place. I will ask if they want my RE to pull some comps but since I paid the appraisal company to do it and they are independent not sure if they would accept.

 

[Bruce]

T-9

 

[Bruce]

T-8

 

[misfitmorgan]

Still nodda, i emailed him this morning and asked, no reply yet.

Red pig had her litter of piglets, 10 total 1 stillborn late stage 4 stillborn early stage....so 5 live piglets. She will be replaced. Normally we give all animals 2 chances but she is full blood siblings to Eva, Jackie and the boar we ate. Eva is sterile, the boar had low low fertility, jackie was never confirmed bred, and now red pig had 50% loss. We are eliminating that entire line from our barn. Eva will go to the butcher after we move. Red will go after her piglets are weaned.

Spot will go to her new owners house when her piglets are weaned. One of spots gilt piglets will be retained by the new owner.

That means we will only have Sarah and Laverne left of the Big Girls. We have the up and coming hereford trio which are looking very well and growing nicely. As well as a possible breeder gilt but she may end up being sold for meat. All gilts from Sarahs litter will be retained as well. A quick look looked like 8 female and 2 male in sarah's litter. Spot had 3 female and 8 male, not sure what Red had yet.

 

[misfitmorgan]

Bad news.

The appraiser will not accept the new comparables. The loan agent is atm seeking his managers approval for them to pay for another company to do a new appraisal. Fannie Mae will not accept the current appraisal so will not fund/buy the loan. So we are at a stand still until a new appraisal is gotten, this is sooo nerve racking esp with only 9 days left.

 

[Bruce]

Might want to put feelers out at the C.U..

Sorry some of your pigs didn't work out.