Refinance Appraisal Waivers
Hello, I am looking for advice/clarification on an appraisal waiver for a rental property refinance.
Originally, I was working with a mortgage broker to refinance three rental properties. The appraisals were ordered and conducted but ended up having a falling out with the mortgage broker. I then went to a local bank for the refinancing and after a few months since my application, the loan officer is stating he couldn't get Fannie Mae to accept the appraisals in order to issue the appraisal waiver. He is now trying to run it through Freddie Mac to see if they will give a waiver or else new appraisals will need to be ordered. The refinances are not taking out any cash, just lowering the rate/payment, and are at ~35% LTV. Any knowledge/explanation is appreciated!