Author: Dave Towne

Exclusionary List Banning Appraisers 12

Appraiser Exclusionary List

Exclusionary list not discussed in the House Subcommitte hearing… Appraisers, Rob Chrisman, in his column in the Mortgage News Daily e-newsletter on 11/18/16, dropped this tidbit of news: Nationstar Mortgage now maintains and distributes a monthly Appraiser Exclusionary List. Correspondents are encouraged to review the Nationstar Mortgage Appraiser Exclusionary List prior to submitting a loan for loan purchase. That’s all Mr. Christman said about this. A huge problem with these lists is the appraisers involved seldom know they are on one, much less why. Reasons could be trivial, or serious. When appraisers attempt to discuss the situation with the exclusionary...

Line Item Adjustments for Every Little Difference? 8

Bugged About Adjustments

Illogical line item adjustments… Appraisers, I’ve recently ‘come in contact with’, in a semi-official capacity, a recently completed appraisal report. In looking at the adjustment grid pages for 5 comps, items jumped out at me. These do not appear logical. All comps, except one, have sale or list prices at even thousand dollar figures = $XXX,000. The one is $XXX,950. These are pretty typical in our market. Very seldom do we see these in odd numbers, unless the listing agent is trying to be cute, and buyers accept the oddity. For line item adjustments in the report, the appraiser has...

Property Inspection Waiver: Fannie Mae Offering to Waive Appraisals 48

Fannie Mae Waiving Appraisals

Property Inspection Waiver, getting back to the old days of fogging a mirror… Appraisers, Effective 12/10/16, FNMA will have a new program in place which will allow LENDERS to waive appraisals on certain refi’s, if it is offered through the automated Desktop Underwriter (DU) loan documentation process. See the attached PDF. Key points from the PDF (emphasis mine): Property inspection waiver (PIW) is an offer to waive the appraisal for certain refinance transactions. Property Inspection Waiver offers are issued through Desktop Underwriter® (DU®) using Fannie Mae’s database of more than 20 million appraisal reports in combination with proprietary analytics from...

Hybrid Appraisals – Why They Are Impacting Appraisal Employment 22

Hybrid Appraisals – Why They Are Impacting Appraisal Employment

How hybrid appraisals may impact your future Appraisers, A day or so ago, I found out about the rebranding of ZAIO into Clarocity, and their purchase of Valued Veterans AMC. The ‘new’ CEO of the Canadian/USA company, formerly ZIAO, now named Clarocity, was recently interviewed. Take the time to actually read this interview. If you have forgotten, ZIAO came into the US in about early 2008 or so with the intent to develop property data bases in most urban areas – with photos, that could be re-used by various entities. They sold ‘zones’ to a number of appraisers, expecting them...

Tell Them to Find Some Other Lesser Experienced Appraiser 16

Tell Them to Find Some Other Lesser Experienced Appraiser

Tell them they are NOT needed in the report. The march of many appraisers who blindly comply with AMC & other lender ‘demands’ to INCLUDE YOUR E&O BINDER PAGE and FULL SIZE LICENSE COPY in every report. Inclusion of your E&O Binder in reports is the quickest and easiest way to have your report challenged, and for you to be sued. Why would you want to do that? Inclusion of your license copy is absurd. Your license info is already in every single report you submit, or hadn’t you noticed that tidbit of info? If AMC clerks tell you that...

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Appraisers Shortage? A Personal Story

Very large lender who treats appraisers poorly… I received an email from an AMC I have not worked for before at 2:15 PM. They were looking for an appraiser to complete a 1004 report for a very large lender who treats appraisers poorly. The property is in a suburban/rural area, on 5 acres, about 30 minutes from my office. I responded that I could do it, but not until early NOVEMBER, due to being fully booked until then. I requested the rep let me know if that would work for the AMC, and if so, I would then provide my...

Market conditions analysis 2

What Do You Suppose Might Have Caused This?

In my area, the Market Conditions data is basically worthless. Folks, One of the data analysis aspects I do in all reports is research sales trends of comparable properties, using MLS data, and making a graph to show report readers the actual market activity that has occurred over a long real estate cycle…usually 4-5 years back from the Effective Date. I use this to supplement, but not replace, the cruddy Market Conditions form, which poorly accounts for only 12 months of activity. In my area, the Market Conditions data is basically worthless. I’m sharing this because in the 8 years...

UAD Rating Absolute vs Relative 39

UAD Rating Absolute vs. Relative

Where did those rating words come from? Why is it so many appraisers have trouble with UAD and the CU (Collateral Underwriter), and how to apply the Quality and Condition rating between the Subject and Comps? Not long after the UAD was implemented/mandated by FNMA (in 2011), and then the CU evaluation system came along, FNMA began discovering that many appraisers were improperly Rating the comps Quality and Condition AGAINST the Subject in the grid. And they began telling appraisers what they were finding. FNMA also discovered, and revealed, that many appraisers were using the same Comps over and over...

Appraisers Just Say No to Certain Assignments From Certain Clients 32

Appraisers Just Say No to Certain Assignments From Certain Clients

Some appraisers just say no and refuse to do assignments for low echelon AMCs fishing for cheapest and fastest appraisers… Folks, A very experienced Chief Appraiser, Mr. Greg Stephens, for the largest independently owned appraisal company in the US, Metro-West, has had an article published in National Mortgage Professional magazine, about the state of affairs concerning the so-called “appraiser shortage.” You can read the article here. While this article reveals important details based on appraiser population facts, there is a glaring omission. The omission is relative to “why” certain mortgage lending assignments are being delayed. It is different, and perhaps...

Donation Relief for Louisiana appraisers 5

Donation Fundraising for Louisiana Appraisers

Donation Fundraising for Louisiana Appraisers Affected by the Great Flood of 2016 Folks, I have received word today that the Louisiana Real Estate Appraisers Coalition (LAREAC) has started a fund raising campaign using PayPal, which will be used to equally provide donated funds to affected appraisers who are suffering as a result of the massive flooding last weekend. PayPal is being used because its administrative fee is less than another more-well-known crowd funding web site. There are approximately 8-10 presently known appraisers who have had their homes nearly destroyed in the flood. Here is the LAREAC announcement and the link...

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