How to Get an Appraisal Waiver | Wyndham Capital Mortgage

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Tags: Market News & Trends, Refinancing, Home Buying & Selling

Wyndham Capital is one of the few mortgage lenders who utilize Fannie Mae’s Day 1 Certainty. In a nutshell, Day 1 Certainty helps make the mortgage application process much smoother and quicker for applicants in a number of different ways. .


There are three major perks to Fannie Mae’s tool. Here’s how it benefits you as a borrower:


1. Appraisal waivers

Also known as a property inspection waiver, an appraisal waiver allows a homeowner to forgo hiring (and paying for) an appraiser to perform an appraisal on their current or prospective home. With Day 1 Certainty, you may not need an appraisal for purchase or refinance loans. In addition to saving you the cost of an appraisal fee (which could be upwards of $500), it will also speed up the loan process; you won’t need to schedule and wait for an appraisal, and then wait again for the official appraisal amount. Wyndham can simply waive the requirement and continue with your application in seconds.

Appraisal waivers are typically reserved for buying or refinancing single family homes and condos. Approval of an appraisal waiver also depends on the loan-to-ratio value of the property. Typically excluded from appraisal waivers are new construction or manufactured homes, co-ops and multi-family properties. Appraisal waivers have become more popular since the COVID-19 pandemic began. Check with your lender to be sure you’re eligible for an appraisal waiver.


2. AccountChek

In addition to an appraisal waiver, this is another huge time-saver. With AccountChek, you can provide tax returns electronically and give Wyndham permission to pull your bank statements, compiling all necessary information with just the click of a button. This will save you the hassle of manually sorting through and collecting dozens of pages of paperwork, and is one of the many digital advantages to get you to the closing table faster.



3. Employment Verification

If we can instantly verifying your employment that means we can instantly validate your income. In short, that keeps you from having to provide W-2s and any other proof of income.


How does it work?

Once you consent to have your electronic data and credit report pulled, Wyndham will run the Fannie Mae program to see if you’re eligible. You’ll have an answer within seconds and we’ll get to work right away to give you the best home lending experience possible.
Freddie Mac has its own version of Day 1 Certainty called Loan Advisor. If you’re not eligible with Fannie Mae, Wyndham can run Freddie Mac’s program to see if that’s a better fit for you.
Wyndham Capital has adopted Day 1 Certainty and Loan Advisor well ahead of the rest of the mortgage industry. It’s part of our commitment to provide you with an outstanding customer service experience and turn times faster than the industry average. Plus, with no lender fees and competitive rates, you’ll save even more at the closing table.



Want to see if you're eligible for an appraisal waiver? Get in touch with one of our Loan Officers today! 

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