Tagged: Freddie Mac

One Small Step for an Appraiser; One Giant Step for the Profession of Real Estate Appraising 4

One Small Step for an Appraiser; One Giant Step for the Profession of Real Estate Appraising

On August 10, the Arizona Board of Appraisal dismissed the USPAP violation complaint filed by Chase Bank against John Dingeman on initial file review. Why is this newsworthy? Because it represents a major victory for appraisers everywhere. Dingeman, has been fighting strong arm tactics employed by Chase Bank in an attempt to force him to violate Client confidentiality by discussing details about an appraisal on a no-defunct loan that Chase acquired. Dingman took his fight right to the street starting a petition on Change.org and other outlets to share his story with fellow appraisers. We are happy to also report...

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Regulators Should Take Actions to Strengthen Appraisal Oversight

Fed Report Scrutinizes Appraisal Processes The Government Accountability Office released a report June 28 that scrutinized real estate valuations in the wake of the recent mortgage crisis. The report, Residential Appraisals — Regulators Should Take Actions to Strengthen Appraisal Oversight, was produced using data from Fannie Mae, Freddie Mac and five of the biggest mortgage lenders. The report revealed that valuations received through broker price opinions and automated valuation models take less time and are less costly than traditional appraisal reports, but traditional appraisal reports are still mandated for almost all first-lien residential loan originations due to their greater reliability....

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...

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

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...

Concessions - when & how much to adjust 3

Concessions – When & How Much to Adjust

There is a lack of consensus or understanding among appraisers regarding concessions paid to a buyer in a sales transaction. The focus here is on appraisals communicated via a current Fannie Mae/Freddie Mac form. The intent of this article is to bring some clarity to this topic, whether you’re appraising the property as a purchase transaction or using it as a comparable sale after it has closed. First, in your appraisal due to purchase, a concession to the buyer of the subject of your appraisal must be reported in the contract section of the appraisal report. However, you must remember...

Tutorial webinar video 0

UAD Tutorial for WinTOTAL or TOTAL

Step by Step UAD Tutorial for WinTOTAL or TOTAL With the UAD deadline coming up on Thursday, a la mode recently released a 40 minute video tutorial showing step by step instructions for each UAD fields. In an effort to enhance appraisal data quality and consistency and to promote the collection of electronic appraisal data, Fannie Mae and Freddie Mac (the Government Sponsored Enterprises or GSEs) have developed the Uniform Appraisal Dataset (UAD). The UAD modifies 4 of the industry standard appraisal reporting forms: the URAR, the Individual Condominium Unit Report, the Exterior Only Residential Inspection Report and the Exterior Only...

VaCap Second Letter to Attorney General Cuccinelli Regarding UAD 0

VaCap 2nd Letter to Attorney General Cuccinelli RE UAD

VaCap Second Letter to Attorney General Cuccinelli Regarding UAD 08/29/2011 Kenneth T. Cuccinelli, II Office of the Attorney General 900 East Main Street Richmond, VA 23219 Re: September 1st Implementation by GSEs Dear Sir: In a letter dated July 19th, 2011, the Virginia Coalition of Appraiser Professionals (VaCAP) brought to your attention the serious concerns that we have about the impending implementation of new appraisal reporting requirements by the Government Sponsored Enterprises (GSEs), which are The Federal National Mortgage Association (FNMA) and The Federal Home Loan Mortgage Corporation (FHLMC). Since Fannie Mae and Freddie Mac control a very large percentage...

VREAB Letter to FHFA Calling for Delay of UAD Implementation 0

VREAB Letter to FHFA Seeking Delay of UAD Implementation

VREAB Letter to FHFA Calling for Postponement of UAD Implementation August 29, 2011 Mr. Alfred M. Pollard, General Counsel Federal Housing Finance Agency Dear Mr. Pollard: At its August 16, 2011, meeting, the Virginia Real Estate Appraiser Board (Board) received public comment from a number of Virginia appraisers expressing their unease with the September 1, 2011, implementation of the Uniform Appraiser Database (UAD) by Fannie Mae and Freddie Mac under the direction of the Federal Housing Finance Agency (FHFA). These and other Virginia appraisers have concerns that conforming to the UAD might lead to misleading appraisal reports as the UAD’s...

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HUD New REO Mapping Tool

HUD Unveils New Web-Based Mapping Tool to Display Nearly Half of U.S. Foreclosed Properties WASHINGTON – The U.S. Department of Housing and Urban Development today launched a new web-based mapping tool displaying the location of all foreclosed properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). These foreclosed homes collectively account for nearly half of all real estate-owned or REO properties in the U.S. HUD’s REO Portal is intended to help local communities, homebuyers and responsible investors to acquire these properties and accelerate efforts to stabilize local housing markets. This new mapping tool will be of...

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