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  • Comment Detail

  • Date: 01/12/21
    First Name: Kurt
    Last Name: Weidner
    Email: kurt@kurtw.com
    Organization Type: other
    Organization: Weidner Financial

  • Comment

    I have been in residential lending since August of 1989. I love the concept of PIWs where you have sufficient data to save time and money for the consumer. I suggest you expand these for properties with values above $1M. Since there are Loan Level Price Adjusters which impact pricing, it would be quite helpful to allow PIWs on values up to $1.5.
    Case in point, borrowers purchased their home in 2004 for $1.3M. Doing a rate/term refinance at $700k. Appraisal was required to get the borrowers the best price. It has taken over 6 weeks to get an appraisal. So silly and so frustrating.
    I'm sure there are thousands of these situations where you have the data to confirm the value is "safe" at a higher value than $1M.