Exactly How Are Property Data Collectors Professionally Trained?
Somebody explain to me exactly how Property Data Collectors are “professionally trained” per Fannie Mae directives.
The fact is, Fannie Mae is explicitly working toward the elimination of appraisers for real property valuations.
This is in their latest Selling Guide Announcement SEL-2023-02 to the Fannie Mae Selling Guide:
- Value acceptance + property data is a new option that utilizes property data collection by a third party who conducts interior and exterior data collection on the subject property. To ensure consumer protections, the lender must verify and be able to demonstrate that data collectors are
- vetted through an annual background check,
- professionally trained, and
- they possess the essential knowledge to competently perform the property data collection.
It’s not just the PDC/Hybrid report process that affects appraisers. There’s more going on to radically modify the appraisal process and protocol for first mortgage loans.
This initiative to eliminate appraisers falls on the desk of Jake Williamson, SVP, Single-Family Collateral Risk Management, Fannie Mae. Mr. Williamson is NOT an appraiser, per examination of the ASC Appraiser Registry.
Here’s what I was able to find out about Mr. Williamson. He is currently 43 years old. From an article in HousingWire.com, this info was presented:
I’ve been writing about appraisal topics and counseling appraisers across the US since 2006 or so. I have always tried to encourage ‘us’ to keep our nose on the grindstone and keep pressing forward doing mortgage lending appraisals.
But, to be honest, my attitude and perspective is changing. Why should ‘we’ continue providing appraisal service to an organization which basically has a vendetta to shove us aside, and do away with appraisers? Meanwhile, the folks at TAF, etc., are pushing the PAREA process to get more people into the appraiser ranks. Our representatives in Congress are basically oblivious about what is really happening.
This is ridiculous. You cannot have it ‘both ways’ and be successful. People entering the back door via PAREA will not find enjoyment or viability in this work when one of the primary organizations acquiring mortgage loans is closing the front door.
I hate to be blunt, but what’s transpiring now is stunningly stupid and contrary to logic. It’s not backed by ‘public trust’ which we appraisers are charged with supporting.
I encourage all appraisers to take a very serious examination of their current business model. Shift NOW as much appraisal work as possible away from Fannie Mae. Because if the Fannie Mae trend continues, you won’t have any of that business in the future anyway.