Appraisals – a thing of the past? With the introduction of Fannie Mae’s Enhanced Property Inspection Waiver (PIW) program, whisperings have broken out over the potential for the appraisal requirement to go away. In short, the answer to this question is no, appraisals are still a requirement for the majority of loans, and there is no evidence that this requirement will go away any time in the near future. The longer answer to this question is that there is some validity to these rumors. As of December 10th , Fannie Mae will enhance their PIW program that waives the appraisal requirement on certain refinance loans with lenders that utilize Desktop Underwriter (DU). In addition, after the 1st of January, they will also waive the $75 PIW fee that borrowers were incurring. One unit properties, including condos are eligible for the PIW program, and LTVs will go up to 90% for limited cash out refinances. So now you may ask yourself how are they doing this and what does it mean? Through Fannie Mae’s program Collateral Underwriter (CU), they are able to look up past appraisals and see if it is associated with the current borrowers on the loan. If the appraisal information is found, they will use that to determine if the file is eligible for a PIW. This process will not only save borrowers’ money on appraisal fees, but will also help to streamline refinancing as a whole. With interest rates on the rise, programs like this will hopefully continue to encourage homeowners to refinance when conditions are in their favor and when a cash out refinance may benefit their situation. ...
We are so proud be named the Lender of the Year by Atlanta Agent Magazine! https://atlantaagentmagazine.com/2016/11/19/lender-year-banksouth-mortgage/
BankSouth Mortgage has been named been named #5 of the “Best Places to Work” in the Metro Atlanta area by Atlanta Business Chronicle in the large business category . Atlanta’s Best Places to Work list was the most competitive in the US, as measured by the ratio of honored companies to nominated companies. This is the 3rd consecutive year that the company has received this honor. Atlanta Business Chronicle compiles its list from survey results voluntarily provided by company employees. This year’s results highlight BankSouth Mortgage’s employee satisfaction in a number of areas, including personal and professional development, workplace satisfaction and overall team effectiveness.
ATLANTA, Ga. - BankSouth names Kim Nelson, its current mortgage subsidiary CEO, as their Atlanta Market President. The bank branch and current mortgage headquarters will relocate from their Hammond Drive location to the Forum at West Paces later this month. Nelson will remain CEO for BankSouth Mortgage and is charged with running the bank’s Atlanta operations. BankSouth, founded in 1946, is a family-owned community bank headquartered at Lake Oconee with $492 million in assets serving customers locally as well as in the Watkinsville, Athens, Atlanta, and Savannah areas. BankSouth has been continuously recognized as a top performing community bank in the nation. Focusing on providing superior customer service, BankSouth offers personal and business banking solutions, lending and mortgage products as well as wealth management services. In 2008, mortgage industry phenomenon, Kim Nelson, founded an independent mortgage company at the height of a financial crisis confident she could create a better option for consumers’ mortgage experience. Kim and her team later aligned with BankSouth and BankSouth Mortgage now operates nine locations throughout Georgia with a brand reputation of mortgage excellence. “Over the past 70 years, we have experienced incredible growth and progress as an organization. The decision to partner with Kim Nelson and her mortgage team was certainly one of BankSouth’s greatest strategic advancements. From the beginning, Kim has demonstrated unmatched vision, determination, and leadership. With the BankSouth Mortgage team, she launched a mortgage company at the ...