BB&T uses Loan Prospector's Property Inspection Alternative to provide borrowers with a cost-savings benefit
[January 25, 2007]
Loan Prospector's Property Inspection Alternative (PIA), a robust model-based automated valuation option for inspection needs, continues to take hold in the marketplace, providing you with a timesaving and cost-effective solution for your valuation and inspection needs. One Freddie Mac Seller/Servicer, BB&T Corporation, is taking full advantage of this competitive option at the point-of-sale to streamline their processes and offer borrowers a cost-saving benefit.
Taking advantage of every opportunity
"PIA is a great feature which gives the customers the advantage of not having to go through the general appraisal process in order to receive a loan approval," said Chuck Andrews, Senior Vice President of Credit Risk Management at BB&T. "It's a time saver, it eases the way we do business and lowers the costs for our customers."
Like all consumers, BB&T's customers are shopping around for the best mortgage solution to fit their financial needs. As a value-added service, BB&T provides its customers with a lower-cost choice to suit their needs by leveraging Loan Prospector's PIA option.
In particular, BB&T uses the PIA option, for eligible loans, which includes purchase mortgages and no cash-out refinance mortgages with total loan-to-value (TLTV) ratios less than or equal to 90 percent.
For their customers, BB&T utilizes Loan Prospector and the PIA option to provide a cost-savings solution. If the processing of the loan application indicates that the mortgage is eligible for PIA, Loan Prospector will return a feedback message on Loan Prospector's Full Feedback Certificate. For eligible mortgages delivered to Freddie Mac with the correct selling system's special characteristics code (SCC) identifiers for PIA, BB&T receives relief from representations and warranties regarding value, condition and marketability for one single $50 delivery fee. With the PIA option, BB&T customers instantly enjoy saving money early in the loan process, paying only $50 instead of hundreds of dollars for an appraisal.
"Receiving PIA approval and paying only $50 for PIA, is always a nice benefit for our customers," Andrews said.
According to Andrews, BB&T loan officers also welcome the timesaving factor the PIA option offers them to close a loan. For a loan eligible for PIA, it gives their customers immediate loan approval instead of waiting the 5-10 days it might take to get a full appraisal, allowing BB&T to close more loans in less time.
"We stay competitive in this current market using such tools as PIA. Its a great and flexible tool that allows for a quicker closing experience for the customer," Andrews added.
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