The Mortgage Guaranty Insurance Co., Milwaukee, is testing a new valuation service with selected clients that completely eliminates the need for on-site appraisals.The largest mortgage insurer is taking samples of already closed loans and running the transmittal summaries through a database, MortgageWire has learned. One lender said that more than 75% of its loans passed and MGIC would not require an appraisal to insure the loan. "It would be a tremendous service," the lender said. "The turnaround time is one day, which means we could close a loan in a few days." MGIC officials declined to comment on the testing program. A spokesman said the company is not ready to make an announcement.
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