Tagged: GSE

REVVA Reacts to FHFA Study RE AMCs' Appraisal Quality 8

REVAA Reacts to FHFA Study

…the methodology, measures of quality, errors & the insertion of staff opinion seems to indicate bias…. REVAA responds to the FHFA study indicating AMCs bring little value. Mark Schiffman, Executive Director of REVAA, stated to Jacob Gafney, Editor of HousingWire, via email: “We are disappointed that AMCs and lenders were not consulted at the outset of this research so that we could have help ensure sound methodology. We are also disappointed not to have had the chance to discuss this research with the FHFA before it was distributed publicly. This is not a final report of any kind from the FHFA,...

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

Lender Contributions FNMA Policy Adding Fuel to the Confusion... 6

Concession Reporting Confusion

…how are these "lender contributions" identified… Appraisers are ‘required’ to report comparable sales or financing concessions that benefit a borrower in the GSE form appraisal report, on the second line in the comparison grid (as a negative adjustment). Secondly, for subject properties, appraisers are ‘required’ to report any concession benefiting the borrower on page 1 of the report form. Subject concession amount is NOT entered on the Comparable grid. Well now, FNMA has issued a modification to their Selling Guide (which takes effect as of 4/03/18) – SEL–2018-03 – (I have added type face enhancements): Lender Contributions With this update we are...

Appraisal / Appraisal News / Appraisers News / Tutorials

FRT Not Reflecting the Majority of the Mortgage Lending Environment 6

Watering Down FRT Definition

Definition of FRT simply does not reflect the majority of the mortgage lending environment… So what exactly is a “federally related transaction”, or FRT for short? Wait, that’s not the right question. Let’s start here: What is NOT an FRT? It’s not a mortgage loan insured by the Federal Housing Administration. It’s not lending underpinned by the Department of Veterans’ Affairs home loan program. It certainly isn’t a loan that’s sold to a Government Sponsored Enterprise (or GSE), like Fannie Mae or Freddie Mac. Just considering a loan for sale to those two entities is enough to fall outside the...

American Society of Appraisers / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASA

Rumor - GSE Forms Revisions Coming? 30

Rumor – GSE Forms Revisions Coming?

GSE’s “really want your input” on the proposed revisions… Folks, Rumor has it that the GSE’s are ‘finally’ considering making revisions to the current appraisal report forms. I suspect there have been draft forms already produced, and possibly are actually being tested in a cave somewhere in the Appalachian Mountains wilderness or perhaps inside Yucca Mountain, Nevada. But rumor has it that the GSE’s “really want your input” on the proposed revisions. But how to do that is not revealed in the rumor. This is something to keep at least one eye observing over the next many weeks, months,or maybe...

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

Appraisal Forms Revision? What Will Appraisers Charge For More Pages? 18

Revision to GSE Forms Coming?

Looking to revise appraisal forms… What will appraisers charge for more pages? Folks, This notice was posted in the National Association of Mortgage Brokers e-newsletter on Dec. 28, 2017: FHFA Looking to Revise Appraisal Forms As one of its 2018 priorities, FHFA says in its 2018 Scorecard that it wants to “research, assess, and begin planning for appraisal process modernization, which could include revised appraisal forms and data requirements.”  Now that we have a 17-page loan application coming soon, does that mean a 6-page appraisal form is inadequate? What will appraisers charge for more pages? This particular issue has been discussed...

1004MC / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency

Reform America's Broken Housing Finance System 12

Reform Our Broken Housing Finance System

Hensarling Lays Out Principles for Housing Finance Reform, Expresses Support for Bipartisan Approach “I stand ready to negotiate….with any other stakeholder that shares my belief that America deserves a sustainable housing finance system, and deserves one now.” WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) today outlined reforms to fix America’s broken housing finance system. During a speech at a conference on the future of the U.S. housing market, Chairman Hensarling said he would work on a bipartisan basis to come up with a reform package provided it included certain key principles. He also pointed to a proposal authored...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration

Alternative Hybrid Reports, Finding a Solution By Working Together 22

Solution for Alternative Reports

Lenders are having a problem finding enough appraisers to fulfill the number of ‘alternative’ reports… This is my follow-up to the previous essay about FIVE different types of ‘hybrid’ reports. You need to know some background about why I’m writing about this. I’m acquainted with a highly skilled appraiser/instructor of 40+/- years in the trenches. I had the pleasure of meeting this appraiser in glitter gulch in 2008, again in 2013, and we have stayed in touch over the years. I greatly respect this appraiser’s opinions and willingness to contribute cogent remarks in-person, when teaching, and via various forum posts, etc....

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Software / Appraisers News

State Organizations Changing the Landscape, Appraisal House Is in Order 19

Who’s for Dinner?

State Organizations & Appraisers Helping Appraisers You may have heard the expression “if you do not have a seat at the table, you are on the menu.” VaCAP can honestly state, appraisers are not on the menu. Over the past several weeks, members of the Network (NSAO), which has now grown to 28 state organizations, have been recapping the events that transpired at the meetings in Washington D.C. last month. These meetings consisted of the FHFA meeting, the NSAO meeting, the ASC meeting, and the AARO conference. Most state organizations participated and many individual appraisers attended. The support for the appraisal...

AARO / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News

Comps Sharing & Big Data By Appraisers For Appraisers 28

Big Data Assisting Appraisers

Big data comps sharing assisting appraisers… I admit to having a dog in the fight. Maybe even a pony, camel, or even a pure bred Clydesdale horse… On 10/09/2017, the owner of alamode software informed customers of a significant new change in how ‘comps’ can be added to a current report – which will be implemented sometime early next year. Read his message here. This is significant because the ability of ‘Big Data’ is being put to work ASSISTING appraisers, rather than being withheld from us as is done with the GSE’s highly touted Collateral Underwriter – even though ‘we’...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Automated Valuation Models

Housing Finance Reform Must Be Tackled by Congress 5

Congress Must Act

The “Sustainable Housing Finance” hearing took place yesterday morning. Please take a minute to read and / or listen to what is being said. Hensarling: Congress Must Tackle Housing Finance Reform WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening remarks at today’s hearing on sustainable housing finance reform: Today we welcome back our former colleague and committee member Mel Watt, the Director of the Federal Housing Finance Agency. Director Watt served with distinction on this committee for many, many years and was respected on both sides of the aisle. Sir, it is good to...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency

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