HVCC Laws Not Fully Thought Through

When ordering an appraisal for your next mortgage purchase or refinance, be careful if you are ordering through RES Direct a leading HVCC process approved appraisal management company.  They will charge you based on YOUR estimation of your homes value, not based on the appraised value.  For example, if you provide an Estimate Value of $505,000, the charge is $470 in PA for your single family home.  However, if you provide an Estimate Value of $495,000, the the charge is $370 in PA for your single family home.   So be careful on what you estimate.  Now, here is the bad part: say you estimate your home to be $505,000 and the appraisal comes back at $300,000, not only did your loan most likely die because the ratios will no longer work, but you are going to be hit with the full $470 price.  Please post your comments below!

Advertisements

About homesourcemortgage
Loan Officer

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: