Category: Collateral Underwriter

Appraisal news for real estate appraisers and real estate professionals regarding the Collateral Underwriter (CU). News relating to the Appraisal Industry.

Markets & Big Data Fool Proved Forecasting 10

I Got It Wrong…

“…after forty years of studying markets, I got it wrong…” As time goes on, the one thing that appears to be both a societal and financial markets constant, is our inability to learn from our past mistakes. Late, a couple of nights ago (10/23/17), while channel surfing, I happened on an economics program intended to explain the financial crisis of 2008. My apologies for referring to a programming without its name or network. Instead, I had to consider the person who was the primary focal point of the program: Hyman Minsky (see link to The Economist here). Before reading the...

Comps Sharing & Big Data By Appraisers For Appraisers 27

Big Data Assisting Appraisers

Big data comps sharing assisting appraisers… I admit to having a dog in the fight. Maybe even a pony, camel, or even a pure bred Clydesdale horse… On 10/09/2017, the owner of alamode software informed customers of a significant new change in how ‘comps’ can be added to a current report – which will be implemented sometime early next year. Read his message here. This is significant because the ability of ‘Big Data’ is being put to work ASSISTING appraisers, rather than being withheld from us as is done with the GSE’s highly touted Collateral Underwriter – even though ‘we’...

Properties Editing Tool of Collateral Underwriter 4.2 Misinterpreted 17

Misinterpreted CU Update Message

Where the EDITs are used, they are within the "model properties"… Folks, This is the message many appraisers have seen over the past week or so, which came from FNMA: “During the weekend of Dec. 9, we will implement Collateral Underwriter® (CU™) 4.2, (which includes) the ability to edit the subject and appraiser-provided comparable sales property characteristics. CU 4.2 will also provide mortgage insurers (MIs) with access to CU. Lenders will be able to give their MI risk partners access to appraisal-specific data by providing them the Doc File ID generated at the time of appraisal submission.” As so often happens...

Greedy Players Engaged in Illegal Activities, Lie-Ability & Tax Payers 25

Lie – Ability

Tax payers should not be LIE-ABLE for the actions of greedy bad players! Michael Simmons, Principal and founding Director of AXIS Appraisal Management Solutions, a national AMC had an article published in Appraisal Buzz titled  “What If?” on October 2, 2017. The article, which I believe was intended to spark interest and membership in the Collateral Risk Network (CRN), is an epic failure. Thank you Appraisal Buzz for shedding some light on the garbage being discussed at a CRN meeting! Of course no independent appraiser even remotely gives any credibility to this group. We all know who and what they are. First, let...

Increasing use of AMS to replace AMCs 15

Increasing use of AMS to replace AMCs

AMS on fast track to replace AMCs… Well, it looks like the detritus of HVCC has finally come full circle. AMS (services vs companies) are on the fast track to replace AMCs. AMCs that foster their use haven’t realized that yet. They have given the lenders the tools needed to avoid costly appraisal management oversight departments while at the same time giving them the ability to use only those appraisers willing to make the deals work. They mistakenly believe that by delegating to an AMS or AMC they have met their due diligence requirements.Quality control? Sure. Just ignore the FNMA...

Special Report on Appraisal Technology Rebuttal - Hey! BIG Data, Leverage This! 13

Hey BIG Data, Leverage This!

The image above is not a part of the Appraisal Technology Special Report “Across the street from a house are two vacant lots. Zillow thinks one of them is worth $16K and the other one’s worth $169K. You can see them on the aerial view here.” I was recently asked by professional peers if I would read and comment on a Special Report published by ValuationReview, with the introduction penned by Mike Holzheimer, Editor. This Special Report may be downloaded here. Let’s be clear up front. I was not asked because of my proficiency with grammar, punctuation or even my...

HouseCanary, Another High Powered AVM Affecting Appraisers 19

CU Not the Only AVM Affecting Appraisers

Assignments Funneled Back Through HouseCanary & Your Data Appraisers, CU from the GSE’s was thrust on appraisers in 2011. Since then, the giant sink hole designed by the ‘enterprises’ has gobbled up millions of home data elements. And in some cases, this data has been used AGAINST appraisers – who have no direct access to it, even though ‘we’ are the ones supplying the data. But they are not the only entity doing this.  A company named ‘HouseCanary’ has also been amassing more millions of data points about US properties. During 2017, HouseCanary has had $64 MILLION dollars of investor funding...

Let's get back to real appraising 23

Let’s Get Back To Real Appraising!

Let’s Get Back to Real Appraising: We have all encountered the glass is half full / half empty perspective. This perspective could be applied to everything life throws at us. The appraisal industry is no different. We are hearing a lot of doom and gloom over Fannie Mae’s Property Inspection Waivers (PIW) and Freddie Mac’s Automated Collateral Evaluation Program (ACE). On the surface the glass appears half empty. Well, the glass is definitely half full; maybe even 3/4 full. We can now get back to real appraising……. No more UAD, No more 1004mc, No more scope creep, No more false...

Copyright of Appraisal Reports: Control Over Our Own Intellectual Property 42

Copyright of Appraisal Reports – Again

Why do we need a copyright in the first place? Before deciding whether you need to copyright, or whether it is too complex or not I urge all to read the information found in the following link. When I started searching to see what the specific requirements were, I initially thought I’d have to pay a fee and submit each ‘work’ (appraisal report) to the United States Copyright Office. Clearly not a practical process for most of us, even if the fee weren’t so high (about $114.00). I’m pleased to say if is not that complicated, or costly. In fact,...

Public Records Are Dead Wrong - How Big, Really... Size Matters... Suggestions 20

How Big, Really… Size Matters… Suggestions

Very often the public records are dead wrong… Appraisers, We all know Fannie Mae (FNMA) has their Collateral Underwriting (CU) report scoring system after the .xml file of the report is submitted through the Uniform Collateral Data Portal (UCDP) portal used by both GSE’s. This system of theirs is used to ‘score’ an appraisal for a loan quality rating, and it’s also used to provide a lender with a guarantee of relief from a FNMA loan buy-back demand, if the report ‘scores’ a number of 2.5 or lower. We’ve previously discussed how that can be manipulated by a lender or an...

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