2016 STRATMOR Spotlight Lender Appraisal Processes and Turn Times Survey

DESCRIPTION OF LENDER APPRAISAL PROCESSES & TURN TIMES SURVEY

Summary Results and STRATMOR Commentary for the August-September "Spotlight" Lender Appraisal Processes and Turn Times Survey are now available for purchase and download. 

Preview of Survey Results:

  • The estimated post-TRID increase in average turn-times was 5.74 days for purchase loans and 6.28 days for refinance
    • These increases correspond to increases of 70% and 81% respectively over pre-TRID turn-times; however
    • We would caution that many lenders do not attribute these turn-time increase to TRID but to sharply increased origination volumes in 2016 Q2 and Q3 coupled with a shortage of qualified appraisers.

Results_Image_for_increased_time


In this survey, additional fundamental Results also address:

  • The use of AMCs versus APs in large and small companies
  • Appraisal QC practices and who performs the reviews
  • Timing of Appraisal Fee collection on Purchase and Refinance loans
  • Change in Appraisal Fees post TRID
  • Appraisal turn-times for Purchase and Refinance loans

Before proceeding, if you want to review and download a copy of the survey questions, click here.






RESPONSE DATA FOR LENDER APPRAISAL PROCESSES & TURN TIMES SURVEY

 Launched Date:  August 16, 2016
 Closed Date:  September 16, 2016
 Individuals Invited:  1,118
 Companies Invited:  580
 Respondent Companies:  56


 Respondent Type Respondent #  Respondent %
 Independent Mortgage Co 27  48%
 Bank Owned/Affiliated 24   43%
 Credit Union/Affiliated    4          7%   
 Builder/Realtor Affiliated   1       2% 



PURCHASE LENDER APPRAISAL PROCESSES & TURN TIMES SURVEY RESULTS

PRICING:

Detail Report - Participant $250

Detail Report - Non-Participant $500

TO PURCHASE, CLICK THE PURCHASE BUTTON BELOW.


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