Tagged: AQM

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

Adjustment Values, Frequency & Dollar Amount 18

Adjustment Values, Frequency & Dollar Amount

Ever wondered what other appraisers are doing with adjustment values? Appraisers, Have you ever wondered what other appraisers are doing with adjustments in their reports? CoreLogic has done research over the past 3 years, using 1.3 MILLION+ reports, and has produced the graph attached here.  You may want to print this for reference. This graph shows the percentage of time a certain feature is adjusted, and the average dollar amount of the adjustment for each of those. It’s rather interesting. The highest amount of adjustment, approximately $14,000, is for the Quality Rating. Not really surprising as to the amount, but the percentage...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

Dreaded Fannie Mae Certified Letter Regarding Condition Ratings - Imagecredit Flickr - Mehta12 32

Dreaded FNMA Letter RE Condition Ratings

Certified Letter From Fannie Mae Regarding Condition Ratings And then it happens, the moment we all know is coming – the dreaded certified letter from Fannie Mae. My door bell rings and the mailman is standing on my porch with pen in hand.  Now don’t get me wrong, we have all been warned. They have the super computer comparing all of us and if you are the outlier you’re getting notified!  If a majority of Appraisers give a specific house a certain rating and you disagree, you must be wrong – BOOM – letter.  I assume this is the case as I...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

Freddie Mac Proprietary Messages in the UCDP Scheduled for June - Imagecredit Flickr - Patrick McFall 2

Freddie Mac Takes a Bite of the Apple

Freddie Mac Proprietary Messages in the UCDP Not wanting to be left home from the party, Freddie Mac has announced that on June 30, 2015 it will begin providing new feedback on appraisals submitted to it via the Uniform Collateral Data Portal (UCDP). Like Fannie Mae’s system, the messages will be delivered to those lenders seeking to sell residential loans to Freddie Mac. Most of the feedback will be in the form of warnings which essentially alert a lender there are some inconsistencies between the submitted appraisal report and data that Freddie Mac already possesses (like public records). For example,...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

Appraiser soon to be jailbird - convicted of a felony for incorrectly reporting the last sale date of property in an appraisal used to defraud a lender in a mortgage fraud scheme 4

Appraiser Soon to be Jailbird for Fraud

In a million dollar mortgage fraud scheme Appraisers, An appraiser in NY state has been convicted of a FELONY for incorrectly reporting the last sale date of a subject property in an appraisal report, which was used to defraud a lender in a million dollar mortgage fraud scheme. You can read the full story here. Per the info in the story: “Essig is the owner and operator of Essig Appraisals, an appraisal company that specialized in residential appraisals. According to statements made in Court today during Essig’s plea, Essig admitted that he made a false entry in an appraisal that...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

7

It’s Not a Comp, It’s a Sale; Stop Fannie Mae Lies!

It is merely a SALE… Appraisers, Something’s been gnawing at my craw ever since January when FNMA’s wonderful Collateral Underwriter (CU) was unleashed to the world. And before that, when FNMA’s Appraiser Quality Monitoring (AQM) process was introduced to judge the work of appraisers. No one else has written about this. No one has even mentioned it. So I will:  It has to do with the word “Comp” which is used liberally by Fannie Mae (FNMA). What exactly is a “Comp?” In FNMA’s world, it’s any property that they obtain, either by their vast AVM process which examines millions of...

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

5

Fannie Mae ‘Lender Letter’ About the CU process

Lender Letter explains CU process Appraisers, The latest FNMA Lender Letter was released on February 2, 2015 (see PDF below). You really should print and read this new Lender Letter. It attempts to smooth over lots of ruffled feathers among appraisers, AMC’s, Lenders, Underwriters, etc. To be honest, I find a bunch of ‘pipe dream’ info in this document. Items such as: CU is a Fannie Mae–only risk management tool. ==> Freddie Mac is said to be working to implement this or a similar process very soon CU does not accept or reject appraisal reports or characterize an appraisal as “good” or “bad.”...

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

2

Troubling Times at Fannie Mae

Appraisers should be concerned by Fannie Mae’s lack of transparency about its Appraiser Quality Monitoring system (AQM). In their published guidance and in various interviews, in the upcoming print edition of WRE (January 2015) and elsewhere, they remain mum on the specifics of a process that can potentially end an appraiser’s career. If they have rules, procedures and guidelines in place to evaluate the work of appraisers in a fair and consistent manner, they are not making the details public. We believe it’s time that they do so. This is from the cover story in the upcoming print edition of...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

Online Petition to Allow appraiser Access to UAD Data 1

Online Petition to Allow appraiser Access to UAD Data

Online Petition to Allow appraiser Access to Data They Provided Through the Uniform Appraisal Dataset (UAD) Fellow appraiser, I am asking that you to take a moment to participate in this important industry effort. Fannie Mae’s Collateral Underwriter (CU) will be available in the first half of 2015. The CU performs automated risk assessment of appraisals submitted to the Uniform Collateral Data Portal based on information that you provided through the Uniform Appraisal Dataset (UAD). The CU provides a risk score, flags, and messages to the lender. The GSE’s have mandated that all appraisals be submitted in the UAD format; however, currently...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Quality Monitoring / Appraisers News / AQM

FNMA Big Data to Check Appraisals 2

FNMA Big Data to Check Appraisals

FNMA New Collateral Underwriter to Check Appraisals Using Fannie’s Big Data FNMA Collateral Underwriter Flyer showing info about the FNMA Collateral Underwriter process they will make available to lenders (NOT APPRAISERS) in January 2015. You should review it. It has to do with their Enhancement of Risk Controls. This is what we know as Appraisal Quality Monitoring (AQM), which was announced almost 2 years ago. FNMA has already been using the ‘scope’ on your reports, but will soon allow the lenders to have access to the software so that they can do pre-submittal exams prior to uploading the loan file,...

Appraisal / Appraisal News / Appraisal Quality Monitoring / Appraisers News / AQM / Collateral Underwriter

xml sitemap
blank