Subject: VAIRRRL Appraisal update--For release immediately
Over
the past few months we have spot checked values on the VA IRRRL loans where
appraisals were not ordered.
We quickly have found that there is discrepancies on what is
stated and what we have researched on the loans that we have spot
checked.
Effective with new loans Submitted on January 6th
2011 we will require at minimum a drive by (2055) appraisal on ALL
VA IRRRL loans. In the following states we will still require a full
appraisal
--California
--Florida
--Arizona
--Nevada
Also if the property is determined to be in a declining
market we will also need a full appraisal.
Steve Peters
Gateway Mortgage Group LLC
(972)908-3390--Dallas
(918)392-8334--FAX
steve.peters@gmos.us
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