Tagged: seller concession

Lender Contributions FNMA Policy Adding Fuel to the Confusion... 6

Concession Reporting Confusion

…how are these "lender contributions" identified… Appraisers are ‘required’ to report comparable sales or financing concessions that benefit a borrower in the GSE form appraisal report, on the second line in the comparison grid (as a negative adjustment). Secondly, for subject properties, appraisers are ‘required’ to report any concession benefiting the borrower on page 1 of the report form. Subject concession amount is NOT entered on the Comparable grid. Well now, FNMA has issued a modification to their Selling Guide (which takes effect as of 4/03/18) – SEL–2018-03 – (I have added type face enhancements): Lender Contributions With this update we are...

Financing Concessions for Comparables 2

Update on Financing Concessions for Comparables

Appraisers, The GSE’s have issued a UAD newsletter on Sept. 18, 2012. Mostly it has ‘stuff’ in it that appraisers should be doing, i.e., checking for proper UAD compliance prior to report submittal by using your report software on-board reviewer. However, this little gem is the last item on page 2: Update on Financing Concessions for Comparables The GSEs expect appraisers to determine the financing concessions, if any, for all settled sales used as comparables in appraisal reports. Appraisers are expected to do what is necessary to determine concession amounts through the normal course of business and not automatically default...

Seasoned Professionals Wake up call 3

Wake Up Call for Seasoned Professionals

Rookie mistakes by seasoned professionals are inexcusable. Here’s a disturbing trend that the board is seeing more frequently: Appraisers who do not know how real estate works. What do I mean by that? There are complaints pouring in where the appraiser doesn’t know how to read contracts, riders, leases, zoning restrictions, blue prints, or listings. I’m not talking about complex documents or Associate Trainees struggling with their first few assignments. I’m referring to seasoned professionals who’ve been in the business for five, ten, or even thirty years. We have complaints where appraisers can’t tell when they’ve been presented with a...

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