Tagged: appraisal

The New & Improved Fannie Mae FRAUDULATOR 2.0 42

The New & Improved Fannie Mae “FRAUDULATOR 2.0”

Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie Mae is increasingly being referred to by some, if not many American Appraisers as The Fraudulator / Underwriter 2.0 (FU-2). To be clear it is not limited to the Collateral Underwriter (CU & CU-2) software. The new Fraudulator (FU-2) combines the CU products with their numerous improper uses. The end result of which includes OUTRIGHT FRAUD being perpetrated against banks via the repurchase letters Fannie Mae now issues on a quota based system rather than because of legitimate appraisal defects....

AGA / AI / AMC / American Society of Appraisers / Appraisal / Appraisal Institute

The Scam of Racial Discrimination by Appraisers 35

The Scam of Racial Discrimination by Appraisers

More and more appraisers are retiring every day. Aside from that more and more are changing to lower liability careers. Eventually, the opportunists who have been promoting the scam of racial discrimination by appraisers such as career politicians, and ‘anti-discrimination’ software hucksters like Black Knight will be shown to be what they truly are.  Recently, a highly respected appraiser who is also a senior designated member of a well-known national professional peer association, wrote an article about a new proposed law in New York ostensibly targeting New York appraisers. Mr. Bagott’s article had an unusual amount of hyperbole within it...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac

Woke 'Bounty' Bill Will Chill Speech of New York Appraisers 8

Woke ‘Bounty’ Bill Will Chill Speech of New York Appraisers

A bill being crafted by the New York state Senate’s Finance Committee would, in effect, place a $2,000 bounty on the head of any heretical real estate appraiser in the Empire State who dares conclude a value that fails to satisfy a seller, serial refinancer or commissioned broker in a deal. Vulnerable buyers, who could be paying off inflated loans based on coerced values, would simply have to live with it. If enacted, the bill would authorize fines to be levied on appraisers for a new category of thoughtcrime – something called “appraisal discrimination.” Half the proceeds from the fines...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Political Action

AMC Hires a Convicted Felon as Property Data Collector 63

AMC Hires a Convicted Felon as Property Data Collector

The recent case of Paschal Uchendu, a convicted felon awaiting sentencing for orchestrating a $1.2 million armed robbery of a courier van, which he was entrusted to secure, is cause for alarm when it comes to the use of unlicensed property data collectors. One of the largest appraisal management companies, Class Valuation, had hired Mr. Uchendu as one such property data collector despite his criminal background and pending legal issues – clearly demonstrating their lackadaisical attitude towards vetting employees who are tasked with collecting sensitive information about properties and homeowners. Class Valuation is among the six vendors approved by Fannie...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Are the Courts a Remedy for Nation's Financial Truth-Tellers? 8

Are the Courts a Remedy for Nation’s Financial Truth-Tellers?

Politicized boards and commissions with little accountability to the electorate want to deplatform these truth-tellers at every turn.  This month, the U.S. Supreme Court dealt a blow to the Regulatory State. Financial analysts, fiduciaries, auditors and appraisers should take heart. Those targeted by a growing number of independent agencies, boards and commissions may now immediately challenge an agency’s constitutionality in federal court without having to submit to a drawn-out administrative process that frequently serves only the interests of the agency being challenged. The decision couldn’t have come soon enough, as an army of assorted technocrats, believers, grand viziers, cronies, hustlers...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

Pushback to Fannie Mae: Certified Appraisers vs. Unlicensed Data Collectors 7

Certified Appraisers vs. Unlicensed Data Collectors

Here’s a great take on the difference between Certified Appraisers vs. Unlicensed Data Collectors by Leigh Brown, President of the NC Association of REALTORS. Fannie Mae has been working hard to get rid of appraisers for years. Their latest twist is to re-categorize many appraisers as “Unlicensed Data Collectors.” Fannie Mae will end up creating more instability for the trillions in the bond market – investors will have to process millions of valuations with the physical attributes of the home collected by unlicensed, uninsured, and unprepared individuals getting paid $10-$25 per inspection.   AI meets with Fannie Mae regulators to...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisers News / Snippets

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FNMA Property Data Collectors Program Violates WV Law

The Fannie Mae Property Data Collectors program seems to have run afoul of West Virginia law. This program allows for the collection of data related to real estate appraisals by unlicensed third-party data collectors, which is in direct violation of article 38 of the state’s Real Estate Appraiser Licensing and Certification Act. The act specifically states that only a casual or drive-by inspection can be performed when it comes to consumer loans secured by real estate, and no opinion can be rendered as to its value nor any fee charged for such an inspection. ARTICLE 38. THE REAL ESTATE APPRAISER...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Trending

Canadian Banks Will Exploit Gutted U.S. Mortgage Underwriting 13

Canadian Banks Will Exploit Gutted U.S. Mortgage Underwriting

Canadian banks see the newly dismantled underwriting safeguards and risk-shedding experiments at Fannie and Freddie as a way to keep the party going, with the risk passed along to the U.S. taxpayer directly… Canada’s banks are in trouble. Their mortgage portfolios are filled with time-bombs called “fixed-payment” mortgages. Despite the name, the loans contain rate-hike triggers that are causing payment shocks for borrowers. High interest rates and falling home values mean borrowers north of the border aren’t able to refinance out of these toxic mortgages. Short sellers are even targeting one Canadian bank, Toronto-Dominion Bank, better known as TD Bank....

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Sale Price versus Appraised Value Disconnect 8

Sale Price vs Appraised Value Disconnect

How can it be said that valuing a property lower than its eventual sale price based on current market evidence is tantamount to BIAS?  The article titled “FHFA Data Fueling Looks into Appraisal Bias” was in the Inside Mortgage Finance Publications e-newsletter on 4/06/23. The Federal Housing Finance Agency is a is a critical provider of the data necessary for oversight, enforcement and research, FHFA Director Sandra Thompson noted during a discussion in late March. According to aggregate statistics from the Uniform Appraisal Dataset released by the FHFA, roughly 57% of appraisals were above the contract price in 2021. Just...

Appraisal / Appraisal News / Appraisers News / CFPB / Consumer Financial Protection Bureau / Federal Housing Finance Agency

We the People 26

We the People…

We the people need to redirect the mortgage lending direction… The time for every appraiser and consumer to step up is now. This country was founded on the principle of “We the people”. Please sign this petition and share it everywhere.  Appraisers have been the target for blame for everything gone wrong in the mortgage lending world. We were blamed for the Savings and Loan collapse, the financial crisis of 2008, and appraisal bias and racial discrimination. Appraisers have even been the target on loans gone bad after several years on payments. Yep, we have been the target and have...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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