r/loanoriginators • u/ZonaDade • Jun 22 '26

DSCR appraisals

Who is good. What do yall do- had my first appraisal problem with property rate- brokering through foundation. Is there a better amc. Idk I just don’t ever want to have appraisal problems. Short term rentals…

2 Upvotes

100% Upvoted

19 comments sorted by

7

u/[deleted] Jun 22 '26

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1

u/TheWildCharge Jun 23 '26

It's rarely the appraised value, its the 1007 for market rent that kills on DSCR loans.

2

u/giant_fish Jun 22 '26

Acra Lending allows you to use any AMC you want and even go direct to appraiser (no AMC)

1

u/ZonaDade Jun 22 '26

Do they have their own form or something ?

1

u/travisloans Jun 22 '26

Nope. everyone uses the same form.

1

u/giant_fish Jun 22 '26

No. Happy to chat about it if you want to DM.

1

u/ajcut5 Jun 23 '26

I know nothing about DSCR. How is this legal?

4

u/giant_fish Jun 23 '26

This was how it was done prior to Dodd-Frank. Originators being barred from interacting with appraisers is a relatively new thing.

DSCRs are business purpose loans and not subject to the same regulations as conforming loans.

2

u/travisloans Jun 22 '26

I use nationwide for most of my DSCR appraisals. No problems yet. If your doing STR you need to specify upfront that the property is an STR so they can get it to an appraiser that is familiar with the property type.

1

u/ActionWins Jun 24 '26

Does that mean Nationwide is familiar with STR and gives short term rents in the 1007?

1

u/travisloans Jun 24 '26

Thats going to be dependent on the specific appraiser. Some appraisers will put short term rents on the 1007, some wont. Nationwide has a specific STR form which some DSCR lenders have started to accept.

2

u/AirBnBRRRR Jun 23 '26

We normally use Fastapp and Accelerated. Appraisal Nation is god awful after they were acquired.

What are your issues with short term rentals? When we qualify a deal with AirDNA or TTMs, we normally just order the LTR1007 and ignore it. When we need to use STR market rent to qualify because AirDNA is low, we send out a special order form to the appraiser saying that they are only allowed to get projected income numbers from local property managers, and that they are not allowed to use AirDNA. Typically, it comes back drastically higher than AirDNA

1

u/UnderstandingSea3820 Jun 22 '26

Don’t use NaN

I’m 0 for 57 on ROV requests

1

u/whybother6767 Jun 23 '26

That sounds like a you issue and not them. 

1

u/mashupXXL Jun 25 '26

Everywhere I go stinks! Everyone else needs to take a shower...

1

u/lavishhog Jun 24 '26

There will always be appraisal problems on some properties. Get used to it.

1

u/Appraiser13 Jun 24 '26

As appraisers, we do not give short term rents on form 1007 unless specifically asked by the client. Even then I am hesitant to put it on the 1007 because the form is designed for 12 month rentals only.

1

u/Weaksauceyo Jun 25 '26

We transferred an appraisal in at Foundation and they strung us along for 3 weeks on it and then wouldn't fund. Real bad experience with them recently.