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Appraisal disappointing? You have options, according to the Appraisal Institute.
 
"Homebuyers and sellers should first understand what an appraisal is and how it's used," says Jim Amorin, president and acting CEO of the Appraisal Institute. "Real estate appraisals for mortgage finance applications are prepared for the bank or financial institution so they can better understand the collateral risk in making the loan. This can be confusing, because homebuyers typically pay for the appraisal and receive a copy of it."
 
In some cases, the appraisal may not match the contract price—but just because an appraisal comes in below (or above) the listing or contract price doesn't mean it's flawed, Amorin says. The agreed-upon contract price may be above market value, for example. In those situations, the buyer and seller often renegotiate the contract at more favorable or balanced terms.
 
Homebuyers should ask their lender for the qualifications of the appraiser, including whether they are designated by a professional association like the Appraisal Institute, says Amorin. A qualified and competent appraiser knows how to conduct a thorough market analysis and make appropriate adjustments.
 
Homebuyers also can ask whether the appraiser is directly engaged by the bank or whether the bank utilizes an appraisal management company, and what their procedures are for engaging qualified appraisers.
 
"The best way for consumers to combat potential problems with appraisals is to ensure the appraiser hired by their lender is highly qualified and competent," Amorin says. "Consumers have every right to demand the use of a highly qualified appraiser, someone with field experience in their market and knowledge and experience to handle the assignment properly."
 
Contrary to incorrect interpretations of appraiser independence requirements, appraisers welcome information that would assist the development of credible assignment results," says Amorin. If lender policies permit, consumers can accompany appraisers when conducting the property inspection and may provide the appraiser with any information they consider important.
 
Amorin suggests consumers ask their lender for permission to do so, and confirm the appointment. Consumers should also take note of whether an adequate inspection is performed. Did the appraiser spend enough time at the property to observe important features or improvements or potential problems?
 
Homebuyers should take advantage of their right to obtain a copy of the appraisal report," Amorin says. Even though the appraisal is ordered to help assess lender collateral risk, buyers are entitled to a copy of the appraisal report. Federal regulations require lenders to provide property buyers with free copies of appraisal reports no later than three days before the loan closes.
 
Although appraisal review is best performed by qualified appraisers, consumers should examine the appraisal for potential deficiencies, says Amorin. According to "Appraising the Appraisal: The Art of Appraisal Review," common errors in appraisals include: misuse of adjustments to comparables; disregarding special financing and concessions; or miscalculation of gross living area (GLA).
 
Amorin suggests consumers ask themselves:

  • Do adjacent homes add or detract from the value of the subject property?
  • Is the subject property equal to or lower in price than surrounding homes?
  • Does the floor plan have any functional problems?
  • Does the house (particularly the kitchen and bathrooms) require major remodeling to make it comparable with similar homes in the same price range?
  • Is the number of bedrooms and baths in the home comparable to similar homes in the same price range?
  • Did the appraiser perform an adequate inspection? 

"Most lenders have appraisal appeal procedures, known as 'Reconsiderations of Value,'" says Amorin. "If you're aware of recent, comparable sales information or items that may not have been available or considered by the appraiser, provide those to the lender. If problems were found with the first appraisal, you can and should obtain a second appraisal."

 

Learn more about property appraisals here, and contact your local mortgage consultant with any questions about the appraisal process.

 

 


 
Source: Appraisal Institute

Reprinted with permission from RISMedia. ©2017. All rights reserved.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia,  Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)  ©2017 Prosperity Home Mortgage, LLC.  All Rights Reserved.


Prosperity surprises buyers with check to cover first mortgage payment.

We are delighted to share that Prosperity Home Mortgage, LLC (Prosperity) has closed its first residential Detroit home loan on June 16—just a few weeks after we officially began conducting business in Michigan! The purchasers, Anthony and Lana Sellors, received a great post-closing surprise, with Prosperity presenting them with a check for their first mortgage payment!

“Prosperity Home Mortgage is off to a spectacular start in the Detroit area, and we’re thrilled to close our first home loan in Michigan and help these two buyers achieve their homeownership dreams,” said Tim Wilson, CEO of Prosperity Home Mortgage, LLC. “I’m confident our commitment to offering exceptional customer service and competitive loan products will ensure our continued success in the Detroit area, helping us provide even more buyers with the total homeownership experience.”

The Sellors purchased a home in Chesterfield, Michigan, and mortgage consultants with Prosperity, Jeni Barchichat and David Knuth, guided them through the financing process. The Sellors also worked with Bill Finn, a real estate professional with Century 21 Town & Country.

Prosperity offers a wide range of mortgage products, including fixed and adjustable rate mortgages, and we are represented by mortgage consultants throughout 12 states and Washington, D.C. For more information our company, visit our About Us page!

 

 

 


All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia. NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


Scotsman Guide Releases Top Mortgage Lenders 2016 Rankings

Great news! We’re pleased to share that Prosperity Home Mortgage, LLC (Prosperity) has been named one of the country’s top mortgage lenders by Scotsman Guide for the third year in a row!  Prosperity ranked No. 48 in overall volume on the 2016 Top Mortgage Lender list. Among lenders that focus solely on retail loans, Prosperity earned the 15th position with a 2016 volume of over $3.2 billion in funded loans.

Scotsman Guide, the leading resource for mortgage originators, has recently released its fifth annual Top Mortgage Lenders rankings on June 1. The list, which ranks the nation’s top mortgage-lending companies, appears in Scotsman Guide’s June 2017 residential edition, and all rankings are available online here.

Prosperity was ranked among entries from hundreds of mortgage companies across the country. To be eligible for consideration in Scotsman Guide’s Top Mortgage Lenders rankings, all loan volume had to be from mortgages on one- to four-unit residential properties within the United States. No commercial or international loans were included. After receiving submissions, Scotsman Guide required written verification of top entrants’ volume from a certified public accountant, the chief financial officer at the company or a similar source.

“We are honored to have been recognized once again by the Scotsman Guide as one of the top mortgage lenders in America,” said Tim Wilson, CEO of Prosperity. “It’s the dedication and hard work of our team, from our mortgage consultants to our underwriters, that enables us to achieve such success, and I’m confident that with our continued commitment to providing personalized and focused service to each and every Prosperity customer, we’ll remain one of the nation’s top lenders for years to come.”

Ron Wivagg, National Sales Support Manager of Prosperity, shared similar comments. “We strive to deliver our clients exceptional customer service. Rankings like these showcase not only the commitment our Prosperity team has made to achieve that goal, but also the wealth of knowledge, integrity and professionalism we bring to each and every transaction.”

Prosperity is committed to setting the highest standard for customer service and consistently exceeding our clients’ expectations.  Whether you are a home buyer, homeowner or real estate professional, we are ready to help guide you every step of the way to help ensure your home financing process with us is a smooth one.

For more information about Prosperity Home Mortgage, visit our About Us web page.

 

 

 

 

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


Prosperity Home Mortgage Recognized as
One of America’s Top 100 Mortgage Companies

Prosperity Home Mortgage, LLC, (Prosperity) has ranked as one of the best mortgage companies in the nation by Mortgage Executive Magazine.1 The publication spotlights the country’s leading lenders in its annual list of Top 100 Mortgage Companies in America 2016, and Prosperity has earned a position in the top 50 for the third year in a row.

“We’re thrilled that Mortgage Executive Magazine named Prosperity as one of the leading mortgage companies in the country, and thank our excellent team of professionals for enabling the company to achieve such an honor,” said Tim Wilson, CEO of Prosperity Home Mortgage. “Rankings such as this one demonstrate the extraordinary service and commitment that our mortgage consultants provide to each of their clients. Their continuous dedication to providing personalized, focused service to every Prosperity customer is why we remain among the top lenders in the nation.”

Ron Wivagg, National Sales Support Manager of Prosperity, echoed Wilson’s thoughts. “It’s an honor to be ranked among the top mortgage companies in the country, and this award illustrates the wealth of knowledge, integrity and professionalism that our team of experts brings to each transaction they do.” Wivagg said.

About Prosperity Home Mortgage, LLC

Prosperity Home Mortgage, LLC, is a full service mortgage banker that specializes in residential and refinance loans. It offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Prosperity Home Mortgage is represented by more than 150 mortgage consultants. Prosperity Home Mortgage funded over 11,500 home loans with a loan volume of almost $3.3 billion in 2016.  Prosperity currently operates across the East Coast, from Georgia to New Jersey, and has recently expanded operations into Detroit, Michigan.

 

 

 

1. Ranking published in Mortgage Executive Magazine, Spring 2017 Edition.
All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)
©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


We are pleased to announce that effective May 1, 2017, Prosperity Home Mortgage, LLC (Prosperity) has expanded its operations into the Detroit, Michigan area!  Prosperity will serve real estate professionals, homebuyers and existing homeowners throughout the entire Detroit Metro area, and we look forward to demonstrating our commitment to extraordinary service. 

“We’re thrilled to have the opportunity to expand our footprint into the Midwest,” said Tim Wilson, CEO of Prosperity Home Mortgage.  “Prosperity continues to be one of the best mortgage companies in the country, and we are looking forward to showcasing the wealth of knowledge and integrity that our team of mortgage professionals brings to each and every transaction—all in support of our mission to deliver to our clients an extraordinary home financing experience.”

Ron Wivagg, National Sales Support Manager for Prosperity, echoed Wilson’s thoughts.

Prosperity has built a strong reputation for providing the highest quality of service and support to the clients we serve.  We lead the way with cutting-edge tools and technology, as well as competitive loan products,” said Wivagg.  “I’m confident with our continued dedication to providing personalized, focused service to each and every Prosperity customer, we’ll show our clients in Detroit exactly why we are among the top lenders in the nation.”

Prosperity has ranked as one of the best mortgage companies in the nation by Mortgage Executive Magazine, a publication that spotlights the country’s leading lenders in its annual list of Top 100 Mortgage Companies in America 2016.  Prosperity has earned a position in the top 50 each year since 2014.

Prosperity’s mortgage professionals have the advantages of a much larger company with more resources and better technology, while also maintaining the family approach to business that ensures our clients’ continued real estate success, added Wivagg.

The company offers very competitive interest rate pricing and a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA), Veterans Affairs (VA) loans, down payment assistance and bond programs, home equity line of credit programs, and renovation financing.

Prosperity operates 5 regional offices for loan processing, underwriting and closing and is represented by over 150 mortgage consultants operating in Washington, D.C. and 12 states including: Delaware, Georgia, Indiana, Maryland, Michigan, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

 

 

 

 

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Indiana, Maryland, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.

NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/)

©2017 Prosperity Home Mortgage, LLC. All Rights Reserved.


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