What is a PIW waiver?

What is a PIW waiver?

A property inspection waiver (PIW) mortgage is a mortgage that’s eligible for an appraisal waiver, which means the loan can be approved without a full home appraisal report.

What is a PIW fee?

The Fannie Mae property inspection waiver (PIW) offers the ability to waive the appraisal for certain refinance transactions. Previously, PennyMac required a $75 fee to exercise the property inspection waiver (PIW), in line with Fannie Mae guidelines.

Is PIW a settlement fee?

In response to customer feedback, Fannie Mae will no longer charge a fee to exercise a Property Inspection Waiver (PIW), effective January 1, 2017. This change will make it even simpler and more cost-effective for you to do business with us.

What does PIW mean in appraisal?

Property Inspection Waiver
Fannie Mae has been slowly rolling out something called the “Property Inspection Waiver”(PIW). It is available to both new home buyers and refinances under certain situations. When a PIW is available the borrower can save both time and money by shortening the loan origination process.

Why would I get an appraisal waiver?

An appraisal waiver allows qualified home buyers to skip the in-person appraisal process when buying a home. Instead, lenders use data generated by an automated underwriting system to determine the value of the home based on the information it has collected from other recent home sales in the buyers’ area.

How does a PIW work?

Basically, the task of deciding how much your home is worth falls into the hands of your lender. They determine the value systematically on a computer, employing an online database from Fannie Mae rather than hiring a local appraiser to personally inspect the home you’re getting ready to buy.

Should I accept an appraisal waiver?

An appraisal waiver does come with some benefits for buyers. An appraisal waiver will save buyers money. The costs of these in-person visits vary, but they typically run from $300 – $450. An appraisal waiver can also reduce the amount of time it takes to close on a home.

Do you pay for appraisal at closing?

In most cases, even though the appraisal is for the benefit of the lender and the appraiser is selected by the lender, the fee is paid by the buyer. It may be wrapped up into closing costs, or you may have to pay it upfront.

Is the appraisal fee refundable?

Unfortunately, appraisal fees are non-refundable for one very good reason. They are payments for a service rendered, the same as for any other type of service. The appraiser is paid to do the appraisal work–the outcome is not part of the payment agreement.

What is the meaning of PIW?

PIW

What is PIW unit?

pounds per inch width, an imperial measure. Person in water, a term used by water rescue teams in the case of a Man overboard.

Should I waive my right to receive appraisal?

You should provide a waiver for your rights only if sufficient time is not available for you to receive the appraisal and still have three days prior to closing. This generally occurs in purchase transactions where the purchase contract may expire if the transaction is not completed by a set date.