In the wake of Bank of America leaving the wholesale business, at least two former competitors announced they would take appraisals originally intended for B of A on loans that are being submitted to them.
Wells Fargo is letting mortgage brokers know that it will accept appraisals done by LandSafe, a B of A subsidiary on those resubmitted packages. The appraisals will be accepted "under appropriate circumstances," a Wells Fargo spokesman said.
This policy will be in place through Dec. 15. "Wells Fargo will ensure that all such appraisals conform to Wells Fargo requirements," the spokesman added.
In a note posted on the LendingArt Messenger Alert system, Wells Fargo said the policy applies only to conventional conforming delegated loans only and not to loans submitted through its prior approval underwriting process.
There is also a posting on LendingArt attributed to Flagstar which states that to accommodate loans that were originally intended for B of A, it is making an exception to its appraisal portability policy.
A request for further details was not returned.
