In recent weeks, COVID-19 has impacted everyone’s lives in a number of ways and it is no surprise that it’s impacted the mortgage process as well. Among other things, we have seen an immediate impact on the appraisal process causing delays in loan closings.
Appraisers are a third-party contractor hired by your mortgage company to evaluate and provide an estimated value of the property. To conduct the appraisal, the Appraiser must be onsite to view the property and are often required to do an internal inspection of the home.
As you can imagine during this time, an appraiser may be hesitant to go into an inhabited home at the risk of exposure to COVID-19. Many homeowners are also hesitant to allow appraisers into their home for the same reasons. Further, several appraisers have chosen to no longer conduct appraisals at this time.
Due to these circumstances, orders for appraisals are taking anywhere from four to five weeks for completion. This is an issue that is affecting all mortgage lenders, and is not specific to credit unions.
Here’s what you can do to help expedite the appraisal process:
- We will be ordering the appraisal as quickly as we possibly can once the home loan process begins. Please make payment as soon as you receive notification so we can get the order booked and in line to be completed with the appraiser.
- Please know that it may take the appraiser weeks to complete the appraisal. If there are any unexpected requests in the process such as underwriting conditions requesting property repairs, it could delay things even more. Please be prompt to any requests and know that this process may take time.
- Finally, we will do whatever we can to speed along the process, but despite our best efforts, there will likely be delays. Please be patient as we wait for the completed appraisal and work with us through any conditions and documentation that is required in the meantime.
As we all face the challenges of COVID-19, we will continue to work through any obstacles as best we can to achieve the common goal of closing your loan in an efficient and timely manner.