Tagged: Fannie Mae

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Statement of Donald Rodgers (AARO) Before Appraisal Oversight Hearing

My testimony today will focus on issues that are particularly relevant to state regulatory officials. Challenges Facing State Appraisal Boards Enforcement States established appraiser licensing and certification programs as a result of the Financial Institution Reform, Recovery and Enforcement Act (FIRREA) of 1989. These agencies issue appraiser licenses and certifications to those individuals who possess the education and experience requirements promulgated by the Appraiser Qualifications Board of The Appraisal Foundation. The agencies also oversee compliance by appraisers with the Uniform Standards of Professional Appraisal Practice (USPAP), state law and agency rules. These programs have been set up in a variety...

UAD Update for Condos Without Unit number 5

UAD Update for Condos Without Unit number

Condos without unit number Fannie Mae and Freddie Mac have added a new requirement for condo reports (form 1073/1075) in the updated UAD Appendix D, issued June 19, 2012 (see below): Unit # The appraiser must enter the address unit number/designator. During the appraisal process if an appraiser determines that a unit number is not available for a property known to be a condominium, the appraiser must put a “-“ in the unit number field. The “-” symbolizes that the appraiser has researched the property address and was unable to identify a unit # for the given condominium unit. This...

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Sense is like courtesy it is no longer common!

I dealt with an old question recently that I felt was pertinent and worthy of repeating. The question arose in Brooklyn, NY when an underwriter demanded that the appraiser include the basement area as part of the gross building area when comparing the subject to the comparable sales. After all they reasoned, Fannie Mae guidelines, i.e. Property and Appraisal Guidelines, XI 405.07 state, “Gross building area, which is the total finished area (including any interior common areas, such as stairways and hallways) of the improvements based on exterior measurements, is the most common comparison for two-to four-family properties. The gross...

Petition Opposing Coercive and Abusive Behavior of Chase Bank and Other Lenders Against Appraisers 8

Petition Opposing Coercive & Abusive Behavior Against Appraisers

Petition Opposing Coercive and Abusive Behavior of Chase Bank and Other Lenders Against Appraisers Please consider signing the online petition launched by John Dingeman opposing the coercive and abusive behavior of Chase Bank and other lenders against appraisers. Stop Intimidating, Threatening, and Bullying Appraisers Chase Mortgage Banking, like other financial institutions have come into possession of appraisals where a loan has been assigned or sold to them. If Chase had any issues with these appraisals during the underwriting process when the loans were written, they would have asked the appraiser’s “Client” for clarification, explanations, and/or corrections. With every foreclosure, Chase...

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Memorandum to Kentucky Registered AMCs Regarding Appraiser Independence, Objectivity, and Impartiality

From: Larry Disney, To: Kentucky Registered Appraisal Management Companies and Credentialed Appraisers, Date: March 29, 2012 Subject: Appraiser Independence, Objectivity, and Impartiality The Kentucky Real Estate Appraisers Board staff has received calls from Kentucky credentialed appraisers in the past two weeks concerning the following issue that is being propagated by Appraisal Management Companies: When appraising one unit residential properties and reporting the results of the appraisal development using a 1004 Fannie Mae form, the appraisers are told that if the cost approach is developed and reported, regardless of reasoning, the appraiser shall not consider the opinion of value developed via...

UAD Update for Condos Without Unit number 0

Fannie Mae Updates Uniform Appraisal Dataset (UAD) Appendix D

Fannie Mae released an updated version of Appendix D of the Uniform Appraisal Dataset (UAD). Updates include: Date 2/18/2011, Version 1.1,  Minor formatting changes Date 8/11/2011, Version 1.2  Updates: Added additional clarity in Introduction and Purpose and Overview Sections Added notation in multiple sections that additional Information can be provided elsewhere in the appraisal report Added clarification to Overall Condition rating

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If You Want to Stop Crime, Make it Against the Law!

If you want to stop crime, make it against the law! It is this type of thinking that has made it increasing difficult for honest appraisers, while providing a buffer for the true criminal that seeks to manipulate the system. Is it really as simple as the best appraiser is the one who is always on time, always fills out the form according to UAD, and never strays from a Fannie Mae guideline? The report reads clean, passes review and never makes the slightest ripple when place in the loan pool, so how could it be wrong?

HVCC & Interim Rules Unintended Consequences 7

NAIHP Letter Regarding Appraiser Independence Regulations

An outline exposing the unintended consequences created by HVCC and the Interim Rule February 23, 2012, Hon. Richard Cordray, Director, Consumer Financial Protection Bureau Re: Appraiser Independence Regulations Dear Director Cordray: Thank you for taking the time to meet with NAIHP on January 26, 2012. We always appreciate the opportunity to meet with the CFPB and discuss issues of concern that affect consumers and small business housing professionals. Although, our meeting covered a broad range of issues, my comments today are limited to the ongoing problems associated with “Appraiser Independence.” Today’s interim Rule on Appraiser Independence, was built on the...

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