Tagged: FNMA

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Can You Use a Sale That Closes the Day After Your Inspection Date?

So, here’s the situation; you are appraising a unique property in a limited area with few sales. You inspect the subject on Wednesday and finally get to the write up on Friday morning. As you are searching the neighborhood for sales, you notice a fairly comparable home that sold on the same street. It happens to be the very best comparable you have. The problem? It sold on Thursday…the day after the inspection date. Bummer! But, can you still use it? In order to answer this intriguing question, let’s step back for just a minute and look at the bigger picture....

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Uniform Standards of Professional Appraisal Practice / USPAP

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

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Differences Between Neighborhood and Market Areas & Analysis

Neighborhood is broad and general in nature… When examining appraisal reports, it is commonly noted that the Neighborhood section of the 1004 appraisal report contains data for sales of properties that are comparable and competing to the subject, rather than for sales of all homes of the same category (i.e., single family detached). Professional appraisal reference works, such as Appraising Residential Properties, 4th Edition (published by Appraisal Institute) address the differences between a “neighborhood” and a “market area.” Further, various Fannie Mae selling guides and announcements, and the HUD 4150.2 handbook contain guidance for appraisers regarding the analysis of neighborhood...

1004MC / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

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