Category: Fannie Mae – Freddie Mac

XML MISMO UAD appraisal 0

VA Appraisals Must be in MISMO XML

VA Announces Electronic Appraisal Requirements: Appraisals must be in MISMO XML Effective June 1, 2014, all Department of Veterans Affairs (VA) appraisals will be processed in WebLGY under the VA Appraisal Management System (AMS). Therefore, beginning June 1, 2014, all VA appraisals must be uploaded in WebLGY in Mortgage Industry Standards Maintenance Organization (MISMO) compliant XML 2.6 GSE file format as VA will no longer accept appraisals uploaded in WebLGY in PDF format. Prior to June 1, 2014, VA appraisals must continue to be uploaded in WebLGY in PDF file format. Historically, VA appraisal form/formats conformed to appraisal industry form/format...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / FHA

Back to The Basics - “Preaching” About the Basics of This Industry 0

Back to The Basics

…“preaching” about the basics of this industry… The more I read residential mortgage related appraisals, underwriter comments and comments from the quality assurance departments from major lenders, the more I have come to realize that it is far beyond time to get back to “preaching” about the basics of this industry. For those of you who have been in the business back when you would take the photos, pull it out of the camera, wait a few moments before you pulled the front off the photo before coating it with the “magic wand” to keep it from fading (thank you...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

Fannie Mae FNMA Selling Guide 1

Fannie Mae Releases New Selling Guide

In April 15, 2014 Fannie Mae released its updated selling guide. It conducted a comprehensive review of the Appraisal Requirements (B4-1) chapters of the Selling Guide. As a result of that review, new policies have been developed, current policies have been clarified, and additional guidance has been incorporated. Further, significant changes have been made. In some cases, topics and paragraphs have been re-titled and content has been reorganized with the expectation that searching for specific information will be much easier. The clarifications are a result of internal reviews, frequently asked questions, and the analysis of Uniform Appraisal Dataset (UAD) data....

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / UAD / Uniform Appraisal Dataset

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Fannie Mae’s Appraiser “Blacklist”

Fannie Mae’s new “Appraiser Quality Monitoring” initiative that creates an appraiser “do not use list” or “blacklist” has alarmed many working appraisers, especially since at least a portion of the process is automated. Placing an appraiser on a Fannie Mae exclusionary list would effectively end a career, therefore, it is critical that appraisers…

AAREA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring / Appraisal Subcommittee

A Journal Piece of Appraiser Independence (Part 2): Appraisal Independence Violated 2

Appraiser Independence Violated

A Journal Piece of Appraiser Independence (Part 2): Appraisal Independence Violated History is an important reminder to us all of what went wrong and what went right. When history is known we tend to skip the mistakes we made. We can either choose the right path for the wrong reason, the right path for the ‘right’ reasons and, we can take the wrong path in a similar manner. The MARKET needs to take the right path for the ‘right’ reasons. In years of late 1998 and 1999 several ideas were brought forth to a Forum filled with Individual Appraisers carrying...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Appraiser Independence Appraisal Independence 4

A Journal Piece of Appraiser Independence

A Journal Piece of Appraiser Independence (Part 1): Where Do We Go From Here? Buyer Beware! Where is the Value? (PART 1) In the years of 2007/2008, the ideologue of, “Appraiser Independence” had become popular for the real estate market’s economic agents and the processes it relies on to function properly. The idea gained respect, due to the perseverance of Real Estate Appraisers carrying out their Independence, during the decade of 2000-2010. The Home Valuation Code of Conduct (HVCC) was introduced according to prevailing design and initiative:  the advancement of a market in need for an inspired and renewed sense of...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Small Towns and Rural Areas Appraisal Requirements 3

Rural Areas & Small Towns Appraisal Requirements

A common misconception of Fannie Mae’s Appraiser Independence Requirements (AIR) is that lenders are required to use third-party vendors or appraisal management companies (AMCs) to ensure compliance. In fact, lenders are not required to use an AMC or any other third-party vendor to order appraisals…

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Blacklist Computers judging Appraisers 6

Blacklist: Appraisers Judged by Computers

Blacklist of Appraisers – the End Is/Must Be Near: Advancements in the Art of Blacklisting If you are a real estate professional, please read this, especially if you fear your own business is being damaged by all of the new regulations designed to “help” the real estate industry recover. Imagine you, a hardworking, law abiding taxpayer, are sitting at home one evening watching television when there is a knock at your door. Somewhat surprised by the late hour of the visit, you get up and open the door and three IRS agents barge into your home and declare, “We are...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

Big Banks Blacklisting Appraisers 4

Big Banks Blacklisting Appraiser

Both Fannie and Freddie will now have their own blacklists and if you think getting off a bank’s blacklist is tough, you have no idea what you will have to do to get off one of their lists.

As one industry expert observed, “if you get on the do not use list for either Fannie Mae or Freddie Mac, you’d better find another job because your days of being an appraiser just ended.”

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

Appraisal Quality Determined by AVMs 7

Appraisal Quality Determined by AVMs?

…So, now we can check to see if appraisals are accurate by checking them against Automated Valuation Services? Wow! That’s frightening on so many levels. Remember the “garbage in, garbage out” articles about using AVM’s? Many AVM’s are close to useless. “Relevant data,” really, like an AVM? Gimme a break! Hard to get passed this on and it’s flat out crazy. If computers could price real estate accurately, the appraisal industry would have died out years ago…

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Quality Monitoring / Appraisers News

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