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Appraisal desk reviews now available at CU Companies
NEW BRIGHTON, MN (September 16, 2014) — Many examiners have begun suggesting (or requiring) appraisal reviews on all mortgage loans. To assist owners and partners, CU Companies now offers appraisal desk reviews on any first or second mortgages. Desk reviews help to verify the accuracy of an appraisal before the loan closes.
“Regulations require financial institutions to have an independent real estate appraisal and evaluation program,” said Steve Albers, CU Title President. “We have expanded our expertise into appraisal desk reviews to help our owners and partners comply.”
“We have nearly 20 years of experience as a title company. Our staff is made of professional, objective, and ethical individuals who understand the business inside and out,” added Albers.
By obtaining a desk review, the lender is ensured that the appraisal was done in an acceptable manner and the information therein is valid. These reviews do not typically slow down the loan process or underwriting time and will be completed in 48 hours. CU Title Services, Inc. offers this service for $120 on first or second mortgages throughout the United States.
If the desk review shows that the appraisal doesn’t meet all the standards or contains inaccurate data, a field review may want to be ordered. If that is the case, the lender orders a field review from the Appraisal Management Company.
For more information, contact Sandy Oleson, CU Title Account Executive, at soleson@cucompanies.com or 763-742-0678.
About CU Companies
CU Companies is committed to earning the loyalty of its owner credit unions and financial partners by delivering personalized service and competitive financial products.
CU Companies was founded in 1987 by three Minnesota credit unions to offer a competitive mortgage solution for their members. They realized that by combining forces, they could offer a superior product to their membership than if they did it alone. These three credit unions created a Credit Union Service Organization (CUSO), CU Mortgage Services, Inc., in which they shared equal ownership.
Over the years, other credit unions recognized that their membership could also benefit from the CUSO and purchased stock in the organization. As the number of owners grew, they realized there were other areas of expertise that could be leveraged to provide an even greater product offering to their members. Over the next several years, four additional subsidiaries (Title, Realty, Preferred Investments, and Member Business) were created and CU Mortgage Services, Inc. became CU Companies. For more information, go to www.cucompanies.com.