High demand for appraisals

The sudden surge in home buying and refinancing brought about by historic low mortgage rates is causing a delay in turnaround times for appraisals. Some lenders are now quoting two to three-week delays in many cases.

The good news is that appraisal waivers are increasing in some markets through automated underwriting systems and consumer-friendly online document exchanges.

Because of the finite number of appraisers and underwriters available, delays will continue without an increased use of automated technology.

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