After an initial fixed rate period, the interest rate for adjustable rate mortgages is determined by adding the value of a financial index (often the LIBOR index) to a margin. There’s just one problem. The LIBOR is going away.
The great thing about automated underwriting systems for appraisals is that the system "stores" the appraisal information and makes it more likely that a future transaction for the same property will receive an appraisal waiver. But how does it all work?