20 | fall 2014 mbabc.ca MortgageBroker
the same specific market area. In the event
the
AVM does not support the property
value as presented on the application, the
insurer underwriter will complete further
analysis. Internal sources outside the
AVM
are available and used to support value
in the absence of a supporting
AVM. In
the instance where the
AVM and other
internal sources remain unsupportive of
the proposed lending value, the insurers
will order an appraisal by a third party to
substantiate the value.
Once the covenant and property
adjudication is complete, and the insurer
underwriter is comfortable with the
covenant and property risk, the application
is approved back to the submitting lender.
e submitting lender underwriter then will
provide a conditional approval to you to
provide to your customer.
If the source
of the down
payment is
from the sale
of their existing
property they
might be eligible
for portability
premium savings.
