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APPRAISAL / VALUATION TIMING WAIVER Borrowers Name & Current Address: Lenders Name & Address Michigan Mutual, Inc. Suite 210 100 Galleria Officer Southfield, MI 48034 Loan Number Date: Subject Property

How to fill out appraisal waiver form

How to fill out an appraisal waiver:

1. First, review the requirements and guidelines set by your lender or the organization requesting the waiver. Familiarize yourself with the specific information they need and any forms or documents that may need to be submitted.
2. Gather all the necessary information and documents that are usually required for a traditional appraisal. This may include property details, recent sales data of similar properties in the area, any renovations or improvements made to the property, and any relevant market data.
3. Ensure that you understand the implications of requesting an appraisal waiver. Assess whether not having an appraisal done will affect the terms of your loan, particularly in terms of interest rates, loan-to-value ratios, or mortgage insurance requirements. Consider consulting with a mortgage professional or your lender if you have any questions or concerns.
4. Completing the appraisal waiver itself will depend on the specific form or process required by your lender or the organization requesting the waiver. Follow the provided instructions carefully and accurately enter all the requested information.
5. Review and double-check all the information provided on the waiver form for accuracy and completeness. Any errors or omissions could delay the processing of your request or even require it to be resubmitted.
6. Once you are confident that all the necessary information has been provided and the form is complete, sign and date the appraisal waiver as required. Be sure to keep a copy of the signed waiver for your records.
7. Submit the completed waiver form and any additional supporting documents as instructed by your lender or the requesting organization. Follow up to ensure that the waiver request has been received and is being processed.

Who needs an appraisal waiver:

1. Borrowers who are refinancing their mortgage and meet specific eligibility criteria set by their lender or the organization handling the refinance transaction.
2. Homebuyers who are purchasing a property, particularly if they are obtaining a mortgage, and their lender offers the option of an appraisal waiver based on certain requirements and loan-to-value ratios.
3. Some lenders or loan programs may also offer appraisal waivers to certain borrowers based on their creditworthiness, loan amount, or other factors. It is important to check with your lender to determine if you qualify for an appraisal waiver.

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What is appraisal waiver?

An appraisal waiver is a provision that allows borrowers to bypass the traditional property appraisal process when obtaining a mortgage, typically resulting in faster loan processing.

Who is required to file appraisal waiver?

Lenders and borrowers who meet certain eligibility criteria set by agencies like Fannie Mae or Freddie Mac may be required to file for an appraisal waiver.

How to fill out appraisal waiver?

To fill out an appraisal waiver, lenders must input necessary borrower and property information into the designated software used by the relevant underwriting agency to determine eligibility.

What is the purpose of appraisal waiver?

The purpose of an appraisal waiver is to expedite the home loan process, reduce costs for borrowers, and streamline the transaction if value can be reliably established through alternative methods.

What information must be reported on appraisal waiver?

Information such as property address, loan amount, borrower details, and any other relevant data about the property's condition or market can be reported on the appraisal waiver.