Tagged: CU

Rating Number Game Threatening Appraiser Independence 23

Rating Number Game Threatening Appraiser Independence

CU rating number magically moved lower on the scale… Appraisers, While it’s presently a tad bit slow for order volume, this is a good time to evaluate a potentially troubling item instituted by Fannie Mae in conjunction with their Collateral Underwriter (CU) review process for appraisal reports. This has the ability to be abused by lenders and AMC’s. Hope you will take time to peruse this message and the podcasts. Unfortunately, we need to get a bit deep into the weeds here so that you get a grasp on potential challenges some ‘intended users’ may have with your reports. I...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Collateral Underwriter

Comparable Selection Manipulated to Produce Lower CU Scores 6

Comparable Selection Manipulated to Produce Lower CU Risk Score

Appraisers harassed to use sales not comparable to lower CU risk score… Readers that have followed my past Collateral Underwriter (CU) articles already know my opinion of it. It was flawed system design starting with its underlying database. Designed by seven people that did not have a valid appraisal license between them! Setting aside the basic database flaw in CU, it was and is a system that’s highly susceptible to manipulation. The CU scoring parameters can be modified at the lender-user end. Even if that were not possible, it is still subject to manipulation. As Phil Crawford points out, FNMA first...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

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A Mind Blowing Trend

Harmful trend implemented by Collateral Underwriter and AMCs… There is a new trend starting in our industry! Phil Crawford with Voice of the Appraisal exposes it. The trend is being implemented by Collateral Underwriter and AMCs. It is extremely harmful to the consumer and local communities. VaCAP recommends each appraiser, residential and commercial listen to his show. His show is 42 minutes long and worth every second. Listen to the Voice of Appraisal E138 Manipulating Chucky and Alexis Craig!!! 1/28/2017 Great Webinar from Network of State Appraisal Organizations! On January 18th, NSAO sponsored a webinar with Jim Parks with the...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

Freddie Mac Criminal Aspects of Its Appraisal Free Mortgages 38

Freddie Mac Criminal Aspects of Its Appraisal Free Mortgages

Freddie Mac is opening itself up to over 150,000± potential individual lawsuits… This is a response from Mike Ford to Kenneth Harney’s article, “Freddie Mac planning appraisal-free mortgages”. I represent the American Guild of Appraisers, #44OPEIU, AFL-CIO, and the real estate appraisal-related consumer and taxpayer interests of our more than fifteen million± AFL-CIO members, retirees and their families. I’m prompted to write this open letter regarding your recent well written & researched article, titled “Freddie Mac planning appraisal free mortgages”. Regrettably, it was too brief to cover several additional critical aspects of the issue, but I assume the Chicago Tribune’s...

ACI / AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News

Property Inspection Waiver: Fannie Mae Offering to Waive Appraisals 48

Fannie Mae Waiving Appraisals

Property Inspection Waiver, getting back to the old days of fogging a mirror… Appraisers, Effective 12/10/16, FNMA will have a new program in place which will allow LENDERS to waive appraisals on certain refi’s, if it is offered through the automated Desktop Underwriter (DU) loan documentation process. See the attached PDF. Key points from the PDF (emphasis mine): Property inspection waiver (PIW) is an offer to waive the appraisal for certain refinance transactions. Property Inspection Waiver offers are issued through Desktop Underwriter® (DU®) using Fannie Mae’s database of more than 20 million appraisal reports in combination with proprietary analytics from...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Collateral Underwriter

Sign VaCAP open letter to AMCs - Appraisal Management Companies 54

Sign the Letter

Sign VaCAP Open Letter to AMCs Fellow Appraisers, A few weeks ago, Virginia Coalition of Appraiser Professionals (VaCAP) sent out an open letter to the AMCs. This letter was republished by many coalitions, and appraiser groups across the country; liked and shared on Facebook and broadcast on several industry blogs. VaCAP received an overwhelmingly positive response from the letter. We even heard from several Realtors applauding our efforts! Activity is still ongoing with comments! Click here to read the letter and comments! We heard you loud and clear… The letter can now be signed by individual appraiser here on AppraisersBlogs. We will...

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

UAD Rating Absolute vs Relative 39

UAD Rating Absolute vs. Relative

Where did those rating words come from? Why is it so many appraisers have trouble with UAD and the CU (Collateral Underwriter), and how to apply the Quality and Condition rating between the Subject and Comps? Not long after the UAD was implemented/mandated by FNMA (in 2011), and then the CU evaluation system came along, FNMA began discovering that many appraisers were improperly Rating the comps Quality and Condition AGAINST the Subject in the grid. And they began telling appraisers what they were finding. FNMA also discovered, and revealed, that many appraisers were using the same Comps over and over...

Appraisal / Appraisal News / Appraisers News / Collateral Underwriter / CU / Fannie Mae - Freddie Mac

Scheer Motion to Dismiss Coester vs Scheer Lawsuit 26

Scheer Motion to Dismiss Coester vs Scheer Lawsuit

More CVMS Fraud and Coester’s Fraudulent Activities Revealed Robert Scheer, former Coester Senior VP, has filed a motion to dismiss Coester vs. Scheer lawsuit. There are also whispers in the appraisal community that Brian Coester’s motion to dismiss the lawsuit against him was denied. Looks like Scheer vs. Coester lawsuit is going to trial. Scheer continues to reveal more dirt against Coester while appraisers continue to flood social media with comments, and sometimes with humorous reactions: My biggest take away from this is that it is an incredible indictment as to how (potentially) dirty the participants in major AMCs are...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

Agents Blacklisting Appraisers 47

No I Won’t Work With This Appraiser

How much power do agents have over the appraisal process? The lender gets a call. Agent tells them that appraiser “X” just called to set up an appointment to do the appraisal for 123 Main St. That darn appraiser killed my last deal and if he is appraising this house, I will have my clients find another lender. I flat-out refuse to work with this appraiser. Whether it’s the listing or buyer’s agent, who put this person in charge of the appraisal process? Does the banker have to listen to them and risk losing the loan? It depends. What’s his...

Appraisal / Appraisal News / Appraisers News

ACI Sky Causing Distress for Appraisers 49

ACI Sky Causing Distress for Appraisers

Are you giving in to ACI Sky? An appraiser who will remain anonymous tells us… “within the last week, I have had two issue of concerns with “UAD” compliance and ACI Sky Delivery ( I can hardly write that; as, it is a significant source of stress when I have to deal with it). I have tried to submit reports, with issues that prevented the upload (no surprise with “Sky”). The first involved the 1004MC form. The comparables that were available for the subject were extremely minimal – something like 4-6. The last period only included 1 comparable (no valid...

1004MC / ACI / AMC / Appraisal / Appraisal Management Companies / Appraisal News

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