Comments on: Is There A Fear Factor In Mortgage Underwriting? http://www.realestateradiousa.com/2008/07/12/is-there-a-fear-factor-in-mortgage-underwriting/ Mon, 09 Jan 2012 18:23:19 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mike Lefebvre http://www.realestateradiousa.com/2008/07/12/is-there-a-fear-factor-in-mortgage-underwriting/comment-page-1/#comment-2234 Mike Lefebvre Mon, 14 Jul 2008 10:49:48 +0000 http://www.realestateradiousa.com/blog/2008/07/12/is-there-a-fear-factor-in-mortgage-underwriting/#comment-2234 Great post Wayne! Couldn't agree more. As an appraiser I have been getting RIDICULOUS addendum requests for additional comparable sales that I have never seen in my career. 5 or 6 comps seems to be typical these days. On one recent report I completed, they asked for 9 (nine) comps! The underwriter didn't like that I used Colonial comparables on a Cape Cod subject property. The comps were less then 3 months old, less than one mile away and within 100 SF of the GLA of the subject! Plus, this particular market shows no preference for one style over the other. It can only be one thing: FEAR! Great post Wayne! Couldn’t agree more. As an appraiser I have been getting RIDICULOUS addendum requests for additional comparable sales that I have never seen in my career. 5 or 6 comps seems to be typical these days. On one recent report I completed, they asked for 9 (nine) comps! The underwriter didn’t like that I used Colonial comparables on a Cape Cod subject property. The comps were less then 3 months old, less than one mile away and within 100 SF of the GLA of the subject! Plus, this particular market shows no preference for one style over the other.

It can only be one thing: FEAR!

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