GSEs Still Finding Problems with Home Appraisals
Three years after the creation of a database seeking to standardize the home appraisal process, Fannie Mae and Freddie Mac continue to see major issues in numerous appraisals submitted by mortgage lenders, American Banker reported Sept. 12.
Fannie Mae conducted a sampling of appraisals and determined that 17.6 percent contained contradictory information, typically pertaining to the condition or quality of the property, Robert Murphy, the GSE’s director of collateral and single-family risk policy, told a Phoenix conference of risk managers. He added that those two factors are the most important in determining a property’s value.
Elevated appraisals contributed to the housing market collapse because lenders frequently pressured appraisers
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Hint: If it’s perfection they are striving for they may want to consider helping appraisers to obtain pay that is at least comparable to minimum wage.
If the major gse’s want compliance and logical reasoning applied to contradictory points of data which are assembled by the gse’s, the gse’s need to share this data with appraisers. How can I the appraiser respond to contradictory data concerns, when the data I’m supposedly contradicting is kept secret from me? I should be able to punch in an address of a property and see what their records state for UAD ratings and what not. Then and only then can I begin to properly explain my position and explain the merits of similar or dissimilar opinion positioning.