Tagged: Fannie Mae

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Other Appraisers Peer Reports

Now Appraisers Must Conform to the Opinions of Other Appraisers/Unknown Persons of Unknown Competence! Appraisers, Many of you know I scan various sources for appraiser/appraisal related info, and send out items I think are important. Well, today Collateral Underwriter (the extraordinarily SECRET process developed by FNMA and given ONLY to LENDERS for report review) started. As predicted by many appraisers, it already generated responses appraisers are forced to deal with, primarily because the reporting appraiser’s data (in the report) is different from “peer” reports. As a poster to one of the forums said:

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Should CU be Transparent?

FNMA’s CU is causing a BIG industry ruckus. Opinions are fragmented, being posted across multiple message boards and blogs. Please complete the attached survey created by ICAP member Keith Wolf, SRA, AI-RRS so we can tabulate the responses and distribute to all. We are reaching out across the country, so please feel free to forward the survey. The survey will remain open until January 31, 2015. The Appraisal Industry as a consolidated group thanks everyone for their participation in completing the survey.

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Dave Biggers, You Owe Me an Apology

Normally, I like Dave Biggers. I think a la mode — like other appraisal software companies — has always been (and will likely always be) an advocate for appraisers. I am not saying any of that has changed, but I feel like Mr. Biggers owes me, and all appraisers, an apology. Ever since I first heard of Collateral Underwriting (CU), I have been a bit — and at times, much — overwhelmed at what it might mean to me and my peers. Frankly, there have been times that I have been downright scared of what CU might do to my thriving appraisal...

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Network of State Appraisal Orgainzation’s letter to FHFA Director Watt Regarding Fannie Mae Collateral Underwriter (CU) Program

For over the past couple of months, VaCAP has participated with 18 other State Appraiser Coalitions in drafting an unified response to Fannie Mae’s Collateral Underwriter Program. Their letter to FHFA Director Watt briefly outlines their concerns, offers recommended solutions, as well as asking for a meeting to discuss the issue for the benefit of all vested parties. Please take a few minutes to peruse the letter below: Dear Director Watt: On behalf of the independent state professional appraiser organizations signing below, I invite your attention to concerns expressed by the majority of real estate appraisers regarding Fannie Mae’s announcement...

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CU: Nightmare or Income Opportunity?

Place this statement into your canned comments as it can serve you well. I received a copy of Ken Harney’s recent CU article today via email. The article was sent from an old appraiser contact that remembered me from the fight that I was leading to boycott AMCs from 2009 to 2010. Ken Harney is undoubtedly the best friend an appraiser could ever have in the national media as he was the only syndicated columnist willing to cover the injustice of HVCC. He and I exchanged several emails during those days. I found no ground breaking news within his article....

Census Tract as Neighborhood Boundaries in Appraising 2

Census Tracts & Appraising

CENSUS TRACTS are based primarily on POPULATION density… The latest ‘buzz word’ in our profession is an indication from Fannie Mae that as of Jan. 26, 2015, their Collateral Underwriter electronic review software (made available only to Lenders/AMC’s for 1004 and 1073 reports)  will be able to compare your report info to other property reports and data narrowed down to a local CENSUS TRACT. In my previous messages, I’ve asked a basic question: When’s the last time you actually researched comparable sales or other property info based around local CENSUS TRACTS? I would guess for the vast majority of (residential)...

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...

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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...

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Troubling Times at Fannie Mae

Appraisers should be concerned by Fannie Mae’s lack of transparency about its Appraiser Quality Monitoring system (AQM). In their published guidance and in various interviews, in the upcoming print edition of WRE (January 2015) and elsewhere, they remain mum on the specifics of a process that can potentially end an appraiser’s career. If they have rules, procedures and guidelines in place to evaluate the work of appraisers in a fair and consistent manner, they are not making the details public. We believe it’s time that they do so. This is from the cover story in the upcoming print edition of...

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Collateral Underwriter White Paper

Fannie Mae’s Collateral Underwriter – Industry Update White Paper Folks, I just found this document (PDF attached) written primarily from a ‘lender’ perspective about the upcoming Collateral Underwriter (CU), which applies only to 1004 and 1073 form reports effective Jan. 26, 2015…but probably will be carried over to the 2055 and 1075 form reports after the initial shake out cruise. 13 pages – will help you understand what FNMA will be looking for in terms of appraisal report QC functions performed by AMC’s, and the lender’s appraisal review departments.  Knowing what they will be checking will help you avoid those...

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