Category: FHA

Thank you Wall Street 3

Thank You Wall Street for Killing off my Hallmark Moments

Thank you Wall Street, your mothers must be very proud of you! I’m not sure when it happened, but sometime in my lifetime the family home stopped being where you chose to live to raise your family and put down roots and became an investment asset. It seems this transformation began when investment bankers on Wall Street first realized residential mortgage lending represented a potential source of huge profits. Prior to the Great Depression, a typical mortgage loan was for 50% of the cost of a home, was interest only, was for 5 years with a balloon payment due at...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Fannie Mae - Freddie Mac

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FHA Electronic Appraisal Delivery (EAD) Portal

Use of the Electronic Appraisal Delivery portal will be required for all FHA-approved mortgagees, effective for FHA case numbers assigned on or after June 27, 2016.  Mortgage Letter 2015–08  published on March 26, 2015, provides more information. FHA’s EAD portal is a web-based technology system that enables electronic transmission of appraisal data and reports to FHA by FHA-approved mortgagees and/or their designated third-party service providers prior to loan endorsement. Features The EAD portal’s system messages provide real-time feedback on compliance with FHA appraisal data and report requirements. The portal leverages industry data standards and industry appraisal practices, and: Offers process efficiencies inherent...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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FHA Appraisal Reporting Requirements & Data Delivery

FHA – Addressing Appraiser and Property Requirements, and Appraisal Report and Data Delivery FHA Appraisers, You will want to review the newsletter below, especially the part showing the changes to reporting requirements. I suggest you copy and paste this new info into a word processor, then print it out as a reference tool. Secondly, if you use a template with pre-filled info to start FHA reports, I suggest you change it now to comply with their reporting requirements that take effect in June 2015. A Closer Look: Addressing Appraiser and Property Requirements, and Appraisal Report and Data Delivery As announced...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

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Mortgage Applications up by 49%

Appraisers, The Mortgage Bankers Association tracks applications and publishes info weekly.  There has been an incredible jump in applications by +49%!  Huge! Means we’ll start getting busy in about a week or so. Click here for more info. For appraisers who do FHA assignments, it’s likely that those assignments will be fewer now through January 25. On the 26th, the Mortgage Insurance Premium cost applying to FHA backed loans will drop significantly. This will allow more borrowers to qualify for FHA loans. With this change, FHA has allowed lenders to ‘drop’ a previously accepted Case Number from the current loan doc, and are...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA

Fannie Mae Claims the CU Process Will Improve Appraisals 5

CU Process Will Improve Appraisals? A Pipedream or Reality?

Fannie Mae Claims the CU Process Will “Improve Appraisals.” A Pipedream or Reality? Appraisers, A few days ago, I watched the FNMA eLearning webinar “Introduction to CU” video showing how their new Collateral Underwriter will be implemented, starting on Jan. 26, 2015, applying to 1004 and 1073 Reports (initially). You really should watch this also!  CU applies to FANNIE MAE only; FreddieMac, VA, FHA, USDA are not involved at this time. Click this link, and you’ll find the link to the video ½ way down on the left. I captured a few screen shots of their presentation to help explain...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

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Major Change to Fannie Mae Selling Guide

Major Change in Fannie Mae’s Selling Guide Appraisers and report reviewers, Fannie Mae issued an update to their Selling Guide on 12/16/14. It contains this pretty major change to their guidelines: Adjustments to Comparable Sales As a result of an analysis of Uniform Appraisal Dataset data specific to comparable adjustments, Fannie Mae has eliminated the 15% net and 25% gross adjustment guidelines and has provided clarification with respect to Fannie Mae’s expectations for the appraiser to analyze the market for competitive properties and provide appropriate market based adjustments without regard to limits on the size of the adjustments. Updated Selling Guide...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

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What’s Going on With Fannie Mae’s Collateral Underwriter?

The recent announcement that Fannie Mae will expose its sellers to the Collateral Underwriter™ (CU™) appraisal review tool has appraisers wondering if the process will affect their current and future appraisals and even present problems for past appraisals. Well, from the appraiser perspective, the short answer is you probably won’t notice much difference when this change takes place in January 2015. Fannie Mae’s Collateral Underwriter appraisal review process is not a new concept. This is the same tool that Fannie Mae has been using internally to review appraisals submitted to the Uniform Collateral Data Portal® (UCDP®). Receiving the appraisals as...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

HUD blacklisting - guilty until proven innocent 2

HUD Blacklisting: Guilty Until Proven Innocent

HUD has been quietly blacklisting appraisers for years without due process Being on HUD’s FHA Appraiser Panel and performing FHA appraisals is an essential source of work for many appraisers. However, according to a recent legal brief filed by the National Association of Appraisers (NAA), HUD has been quietly blacklisting appraisers for years without due process. At the center of the case against HUD (U.S. Department of Housing and Urban Development) is Ken Taggart, an appraiser in Penn., who was removed from HUD’s roster in January 2010. Taggart says that his mortgage servicer, GMAC Mortgage, LLC, mistakenly forclosed on his...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models / AVM

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Free FHA Webinar on Most Common Appraisal Deficiencies

On September 18, 2014, the Federal Housing Administration (FHA) is offering a 120-minute webinar on Most Common Appraisal Deficiencies. This session will provide an update and overview of FHA Single Family mortgage insurance appraisal requirements. It will address the most common appraisal questions and appraisal deficiencies. Property inspection requirements, appraisal validity period, case numbers, REO, manufactured homes, well and septic, attic and crawl spaces, lead-based paint, termite

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

Fannie Mae re-evaluate appraisers adjustments 1

Fannie Re-Evaluating Your Adjustments & VA Hiring Appraisers

Fannie Mae’s Murphy stated that over the past year, the GSE had been focusing on “quality” and “condition” ratings of comps used in multiple appraisals by the same appraiser and found many cases where the appraiser has changed the quality and/or condition ratings on the same comparable from appraisal to appraisal. Now, based on the examination of the Uniform Appraisal Dataset (UAD) data, Fannie Mae’s focus for the next 12 months will be on adjustments. The data indicates that many appraisers are not using…

AMC / APB / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

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