I recently received an AMC update and reminder about the need for and why actual comparable photos are necessary. My reply: Original Comparable Photographs: Scope of Work Point 3: Inspection of the comparable sales from at least the street. This requirement does not tie the appraiser to a specific time for that inspection. Geographical competence would have the appraiser in the area of the comparables many times, and depending on the appraiser’s experience, for many years. Taking a comparable photo a month, six months, a year or more after the sale, does not represent the sale’s condition at the time...
FNMA’s CU is causing a big industry ruckus. ICAP member Keith Wolf, SRA, AI-RRS, created a survey in January because opinions being posted across multiple message boards and blogs are fragmented. The results of this survey are out and show that a vast majority of appraisers believe Fannie Mae CU should be transparent. Nearly 70 percent of appraisers said that they will increase fees to cover the extra work CU may cause and 80 percent believe that CU risk scores will cause lenders and AMC clients to request appraisers to fit comps to the CU model. Also 73 percent believe that...
I am more circumspect about the adjustments I make. The most feared date in the appraisal industry has come. January 26, 2015 arrived with much trepidation and trembling amongst myself and my appraiser colleagues. The day of the Collateral Underwriter (CU) had finally arrived. Yet, it turned out to be a pretty typical day for most. We are now over a week removed from the CU and I have yet to receive even one CU-related revision request. I guess that means one of two things; either I am an incredibly talented appraiser who uses all the best comps and supports every one...
Now Appraisers Must Conform to the Opinions of Other Appraisers/Unknown Persons of Unknown Competence! Appraisers, Many of you know I scan various sources for appraiser/appraisal related info, and send out items I think are important. Well, today Collateral Underwriter (the extraordinarily SECRET process developed by FNMA and given ONLY to LENDERS for report review) started. As predicted by many appraisers, it already generated responses appraisers are forced to deal with, primarily because the reporting appraiser’s data (in the report) is different from “peer” reports. As a poster to one of the forums said:
FNMA’s CU is causing a BIG industry ruckus. Opinions are fragmented, being posted across multiple message boards and blogs. Please complete the attached survey created by ICAP member Keith Wolf, SRA, AI-RRS so we can tabulate the responses and distribute to all. We are reaching out across the country, so please feel free to forward the survey. The survey will remain open until January 31, 2015. The Appraisal Industry as a consolidated group thanks everyone for their participation in completing the survey. This survey has expired surveymonkey.com/s/S6DDVJN
Normally, I like Dave Biggers. I think a la mode — like other appraisal software companies — has always been (and will likely always be) an advocate for appraisers. I am not saying any of that has changed, but I feel like Mr. Biggers owes me, and all appraisers, an apology. Ever since I first heard of Collateral Underwriting (CU), I have been a bit — and at times, much — overwhelmed at what it might mean to me and my peers. Frankly, there have been times that I have been downright scared of what CU might do to my thriving appraisal...
I’ve always said that I think it’s insane that everyone has access to appraiser-provided data EXCEPT the appraisers who generated the appraisals in the first place. That needs to be fixed. So, we’re creating a system enabling you to seamlessly share comps among yourselves. You’ll have the same data that’s being used to judge you. We’re confident it will be effective: a la mode users alone generate enough appraisals per day to cover the entire market with high quality subject and comp data. With just the existing TOTAL and Aurora users joining in, tens of millions of comps will be available, exactly like in...
Network of State Appraisal Orgainzation’s letter to FHFA Director Watt Regarding Fannie Mae Collateral Underwriter (CU) Program For over the past couple of months, VaCAP has participated with 18 other State Appraiser Coalitions in drafting an unified response to Fannie Mae’s Collateral Underwriter Program. Their letter to FHFA Director Watt briefly outlines their concerns, offers recommended solutions, as well as asking for a meeting to discuss the issue for the benefit of all vested parties. Please take a few minutes to peruse the letter below: Dear Director Watt: On behalf of the independent state professional appraiser organizations signing below, I...
Place this statement into your canned comments as it can serve you well. I received a copy of Ken Harney’s recent CU article today via email. The article was sent from an old appraiser contact that remembered me from the fight that I was leading to boycott AMCs from 2009 to 2010. Ken Harney is undoubtedly the best friend an appraiser could ever have in the national media as he was the only syndicated columnist willing to cover the injustice of HVCC. He and I exchanged several emails during those days. I found no ground breaking news within his article....
CENSUS TRACTS are based primarily on POPULATION density… The latest ‘buzz word’ in our profession is an indication from Fannie Mae that as of Jan. 26, 2015, their Collateral Underwriter electronic review software (made available only to Lenders/AMC’s for 1004 and 1073 reports) will be able to compare your report info to other property reports and data narrowed down to a local CENSUS TRACT. In my previous messages, I’ve asked a basic question: When’s the last time you actually researched comparable sales or other property info based around local CENSUS TRACTS? I would guess for the vast majority of (residential)...
