NEVER MISS A CLOSING WAITING ON AN APPRAISAL
The Princeton Appraisal Deadline Guarantee applies to the following loan programs:
Appraisals are one of the biggest bottlenecks in the mortgage industry. They often hold up closings and cause pain for buyers and sellers. In an effort to make our Broker Partners stand out in the eyes of their clients and Referral Partners, Princeton Wholesale has designed a process to mitigate the chance that closing will be delayed due to an appraisal. Through our strategic partnerships, certain AMCs have committed that they will not charge for appraisals that are not delivered by the due date that is agreed upon when the appraiser originally accepts the order. Our Brokers and Appraisal Desk will receive notification from the appraiser within one business day if there is any scheduling delay (or on the next business day if is received after hours or on a weekend).
Effective Tuesday, July 20th, qualifying appraisal orders will be placed by the Appraisal Desk with select AMC partners for states in which they are currently licensed.*
For qualifying appraisals, the appraiser will be reaching out in the first 48 hours after they have accepted the appraisal order. This program is incumbent on the borrower or listing agent to schedule the appraisal inspection date within a reasonable time period relative to the initially agreed upon due date.
During the initial appraiser assignment process, there may be “Appraisal Declined” emails that are generated through the Mercury platform. Please note that we are making this process visible to our Broker-Partners for transparency and while a preliminary appraiser may decline an order, other appraisers are still be assigned by the AMC to fulfill it.
*Princeton Wholesale’s Appraisal Deadline Guarantee is currently ineligible for the following states: CA, CO, OK, TN, VA, WA, DC, MS