
                         THE VIRGINIAN-PILOT
                 Copyright (c) 1994, Landmark Communications, Inc.

DATE: SATURDAY, June 11, 1994                    TAG: 9406090367 
SECTION: REAL ESTATE WEEKLY                     PAGE: 22    EDITION: FINAL  
SOURCE: David Gilbert and Helen E. Dragas 
DATELINE: 940611                                 LENGTH: Medium

A DISPUTE OVER CRACKED GARAGE WALL

{LEAD} Q. My wife and I recently bought a home and applied for a VA loan. During the appraisal, the appraiser did not note any repairs that needed to be made.

Before settlement, however, the seller let us move some furniture into the home's garage. In the garage, we noticed the wall was splitting away from the window, and a crack ran down the brick from the window to the floor.

{REST} We complained to the seller, but she does not want to pay to have it repaired. If repairs were necessary, she says, the appraiser would have noted it. What should we do?

A. Call your lender. Though the appraiser did not note the damage, the lender will want to assure itself that any structural problems are corrected before closing.

The lender may request that the appraiser reinspect the property, or the lender may inspect the property itself. Also, the lender might make the loan approval contingent on the satisfactory completion of repairs.

Granted, the appraiser might have overlooked the damage, or the damage may have occured afterward. Either case does not free the seller of responsibility for the problem.

\ Mortgage banking classes

Q. I just entered the mortgage field, and I am looking for classes that might be available through your organization.

A. The Tidewater Mortgage Bankers Association participates in the Virginia Mortgage Bankers Association's School of Mortgage Banking. This is an educational program that offers graduates accreditation by the state association.

The classes meet two times a month for nine months a year. They cover all aspects of mortgage banking, such as loan origination, processing, closing, underwriting, quality control and regulatory com-pli-ance. Classes are available to employees of member companies.

The Tidewater Mortgage Bankers Association also offers seminars from time to time on specific topics. They are open to the public, and often include speakers from the Department of Veterans Affairs, Federal Housing Administration and private mortgage insurance companies.

For more information on membership and educational programs, call the Tidewater Mortgage Bankers Association Hotline at 552-2425.

by CNB