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Thanks everyone. That makes feel a little better. I just hold tight and cross my fingers.
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Aimloan 11th hour appraisal review....
alanw1105923
Contributions: 17
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Rates on 10/1 arms have gone up dramatically in the last month. Now, the day before we're supposed to sign, I'm told the under writer has order a quality control check on the appraisal.
When I asked why it was being done so late in the process:
"The appraisal review was ordered for quality control purposes and the underwiters order them, so it could not be done earlier."
Is this legitimate? Maybe it is, but it sure seems like it would blow a lot of deals.
I'm told that if the rate expires, they'll extend the lock with no costs or fees, but if the appraisal comes back not OK, then they'll need to restructure the loan.
The locked rate was 4.0% with 0.23 points. I asked about AL last month in this forum and you all told me that the rate wasn't real and that AL would get out of the lock.
Since then, I've read too many posts about 11th hour appraisal reviews and offers to restructure the loan if the borrow wanted to continue. I'm afraid that's about to happen to me too. I hope I'm wrong.
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