Tagged: Collateral Underwriter

Fannie Mae Claims the CU Process Will Improve Appraisals 5

CU Process Will Improve Appraisals? A Pipedream or Reality?

Fannie Mae Claims the CU Process Will “Improve Appraisals.” A Pipedream or Reality? Appraisers, A few days ago, I watched the FNMA eLearning webinar “Introduction to CU” video showing how their new Collateral Underwriter will be implemented, starting on Jan. 26, 2015, applying to 1004 and 1073 Reports (initially). You really should watch this also!  CU applies to FANNIE MAE only; FreddieMac, VA, FHA, USDA are not involved at this time. Click this link, and you’ll find the link to the video ½ way down on the left. I captured a few screen shots of their presentation to help explain...

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

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Collateral Underwriter White Paper

Fannie Mae’s Collateral Underwriter – Industry Update White Paper Folks, I just found this document (PDF attached) written primarily from a ‘lender’ perspective about the upcoming Collateral Underwriter (CU), which applies only to 1004 and 1073 form reports effective Jan. 26, 2015, but probably will be carried over to the 2055 and 1075 form reports after the initial shake out cruise. 13 pages – will help you understand what FNMA will be looking for in terms of appraisal report QC functions performed by AMC’s, and the lender’s appraisal review departments. Knowing what they will be checking will help you avoid...

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

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What’s Going on With Fannie Mae’s Collateral Underwriter?

The recent announcement that Fannie Mae will expose its sellers to the Collateral Underwriter™ (CU™) appraisal review tool has appraisers wondering if the process will affect their current and future appraisals and even present problems for past appraisals. Well, from the appraiser perspective, the short answer is you probably won’t notice much difference when this change takes place in January 2015. Fannie Mae’s Collateral Underwriter appraisal review process is not a new concept. This is the same tool that Fannie Mae has been using internally to review appraisals submitted to the Uniform Collateral Data Portal® (UCDP®). Receiving the appraisals as...

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

Collateral Underwriter Stew & Hedonic Regression 5

Census Tracts, Hedonic Regression and the CU Stew

Bet you didn’t know that the adjustment grid is a form of Hedonic Regression! Appraisers, The new Collateral Underwriter electronic review process developed by Fannie Mae has many appraisers on edge. This will become the ‘ultimate authority’ or gold standard for reviewing appraisal reports as of January 26, 2015… at least as far as FNMA is concerned.  Your reports will either ‘pass’ or ‘fail’, depending on many factors.  Some of those factors are outside your immediate control. “Big Data” is one giant pile of stuff that is being put into the CU pot, stirred together like a stew. Except there...

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

Fannie Mae "CU" Scoring is a Danger for Appraisers 5

Fannie Mae “CU” Scoring is a Danger for Appraisers

Appraisers, Many know by now that the GSE’s, primarily Fannie Mae, have instituted a new ‘appraisal scoring’ procedure based on an electronic read of your reports, specifically on a SFR 1004 or the Condo 1073. Those are the only forms currently being analyzed by the CU process. On Nov. 18, 2014, FNMA released a document named “UCDP Fannie Mae Appraisal Messaging Change Notification” which you can find here. I encourage all appraisers to actually read this document … all 11 pages. When you do read this document, you will learn that your reports are being compared to your peer’s reports, and...

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

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