This is what VA monitors and is one of the ways VA can pull your entire VA ticket. If a lender has a compare ratio of 150%, it means their VA delinquencies are 150% of national VA delinquency average. “You need to explain Delinquency Compare Ratios. Until then – an issuer/servicer would be insane to write/buy IRRL’s without appraisals because the losses they will bear will be huge.” If they did that – every originator/conduit in the nation would immediately open the program up full throttle. However, if they are serviced by Wells, Icon does not run an AVM.) I received this note: “Explain to this person that if VA really does want originators to produce more VA IRRL’s – then it would get rid of the no-bid option and Ginnie would exempt IRRLs from their servicer Tier rankings. (Icon runs an AVM on VA IRRLS that are not serviced by Wells through an AVM system. On the VA IRRL program, I am not going to replace the Scotsman Guide for programs, but it appears that Plaza, Guild wholesale, WestStar, and a few others offer a program with no appraisals, and Icon will do it if the loan is serviced by Wells Fargo. I will have the financial education letters tomorrow, and look at the VA IRRRL program’s today. Yesterday the commentary had two items (financial education and VA IRRRL’s) which brought a good-sized number of replies of varying perspectives. Yesterday, Rob Chrisman had a commentary about the current state of the VA IRRRL program, here are just a few excerpts: The official answer is that the VA doesn’t require an appraisal, but many lenders require an appraisal. Many people ask why appraisal are required for the VA IRRRL program.
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