The unprecedented reality encompassing today’s world hits all areas of society, including the business world. Wyndham Capital understands our unique position in the lives of our customers and employees and knows that it is our obligation to do our part however and whenever possible. In that vein, and with guidance from the Federal Housing Finance Agency, Wyndham is taking steps to make the home loan process easier.
Starting immediately and lasting until May 17, Wyndham will allow for either Desktop or Exterior-only appraisals for loan applications connected to primary home, second home and investment purchases.
For those looking to apply for a new home loan or for those looking to refinance their current loan, this is a welcome and necessary option. The steps necessary to complete either of these processes are necessary and mandatory from start to finish, and without taking these steps, potentially large numbers of transactions would be stopped in their tracks for an indefinite time.
There are two main types of appraisals featured in this new guidance. Both are valuable assets in keeping with current social distancing guidelines, while also providing lenders like Wyndham Capital with the necessary information to move forward with loan applications:
The referred method of appraisal when a traditional/full interior and exterior option is unavailable, desktop appraisals rely mainly on third-party digital resources to gather the necessary information. These include public records, multiple listing service (MLS) data, and other data sources.
While Desktop appraisals rely heavily on data gathering, there are still some more traditional pieces of information that are needed to complete a successful process. These include a location map of the property to provide insight into the surrounding comparable environment, and a photograph of the property.
Similar to Desktop appraisals, Exterior-only, or “Drive-by”, are an option when an interior appraisal is unavailable – an increasing probability in the current health climate. Relying on photographs, street mapping information, and additional property data, these appraisals are often less intensive than full interior/exterior situations but can be a valuable piece of the puzzle when needed.
WHAT IT MEANS FOR YOU
Exterior-only appraisals may be allowed for refinancing of mortgages currently owned by either Fannie Mae or Freddie Mac, extending the beneficial shift to those not currently on the market for a new home, but those looking to take advantage of rates that are currently lower than normal.
Adding the allowance of these two options into Wyndham’s already well-established reputation for outstanding digital resources has opened the door even wider for those who want to either buy a home or refinance their current loan but are either uncertain about the process or unable to complete the traditional in-person steps. From starting your application online to the Wyndham eClose technology, reliable digital resources are taking the lead.
Spearheading convenient and valuable resources for our customers from start to finish, such as our all-digital loan application process not only allows for faster, easier and more transparent experiences, but also gives our loan officers even more ways to provide best-in-class service in every interaction.