BD Nationwide is proud to present the “Fast Fund” Second Mortgage Loan which requires no formal appraisal. The latest second mortgage program from BD Nationwide streamlines the funding process for home equity loans, because underwriting allows the use of an automated value model rather than a URAR or 2055 appraisal. Traditional appraisals require a licensed appraiser to visit, survey, and appraise a property and the comparable properties.
The average full appraisal or drive by typically takes 7 to 10 business days to complete from the time the loan officer or mortgage broker orders the appraisal. Most of the AVM models accepted with these 2nd mortgages and HELOC loans takes the loan officer about twenty seconds to complete for most properties. Besides increasing the efficiency of the loan process, this “Fast Fund Second Mortgage” program reduces the loan costs $300 to $500 per loan, depending on the state.
According to Brendon Daly, a financing consultant with BD Nationwide Mortgage, “The AVM ‘s seem to be approved with the home equity lenders for this 2nd mortgage product about 60% of the time.” Daly continued, “This is a great added-value service for homeowners looking for a cash out by means of a second mortgage or home equity line of credit.
The AVM eliminates about ten days of the home equity loan process by waiving the formal appraisal. This really relieves the stress level for many borrowers that comes with the territory, when the appraiser comes to evaluate your home during this declining real estate market.