Tagged: property data

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FNMA Property Data Collectors Program Violates WV Law

The Fannie Mae Property Data Collectors program seems to have run afoul of West Virginia law. This program allows for the collection of data related to real estate appraisals by unlicensed third-party data collectors, which is in direct violation of article 38 of the state’s Real Estate Appraiser Licensing and Certification Act. The act specifically states that only a casual or drive-by inspection can be performed when it comes to consumer loans secured by real estate, and no opinion can be rendered as to its value nor any fee charged for such an inspection. ARTICLE 38. THE REAL ESTATE APPRAISER...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Trending

New URAR Redesign Spec Released 79

New URAR Redesign Spec Released

The Appraisal Forms & UAD Redesign Spec has been released and the current forms are being retired. This means that appraisers will no longer be using individual forms for each property type, but instead will have to use a single dataset with output varying based on property characteristics. If you want to get an idea of what this looks like, take a look at Appendix D-1 of the spec document. The new URAR form is going to be used for all types of properties as well as hybrid & traditional appraisals. It is important to note that this redesign requires...

1004MC / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Automated Valuation Models

Garbage Data In Means Garbage Results Out Every Time! 24

AVMs… Garbage In, Garbage Out

Garbage data in means garbage results out every time!  It’s no secret that AVMs have been a thorn in the side of real estate appraisers since they first came out. Despite all their bells and whistles, these automated valuation models still rely on inaccurate public records and often come up with wildly inaccurate home values. Unfortunately, some consumers don’t realize this until it’s too late – when reality comes crashing down from a local real estate professional after they’ve already gotten their hopes up about their home value thanks to an AVM. Yesterday, a Virginia assessor emailed us with an...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Fannie Mae - Freddie Mac

Exactly How Are Property Data Collectors Professionally Trained? 17

Exactly How Are Property Data Collectors Professionally Trained?

Somebody explain to me exactly how Property Data Collectors are “professionally trained” per Fannie Mae directives. The fact is, Fannie Mae is explicitly working toward the elimination of appraisers for real property valuations. This is in their latest Selling Guide Announcement SEL-2023-02 to the Fannie Mae Selling Guide: Value acceptance + property data is a new option that utilizes property data collection by a third party who conducts interior and exterior data collection on the subject property. To ensure consumer protections, the lender must verify and be able to demonstrate that data collectors are vetted through an annual background check,...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Trending

House Measurement by Property Data Collector Gone Wrong 145

House Measurement by Property Data Collector Gone Wrong

The lender allowed an unlicensed property data collector give bad data to the appraiser… I work for this lender and they will not let my trainee inspect. The owners are now underwater by more than $100,000…  I’m sad and I’m mad! I recently took on a measure job for a client who was questioning the square footage of their home. The couple bought the house at the height of the market last year. They paid 12% over list price to get the house. They put an appraisal waiver in the contract which meant they could not walk away if the...

American National Standards Institute / ANSI / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

UAD Composite Property Data Info Released to the Public 18

UAD Composite Property Data Info Released to the Public

Appraisers, since 2011, the GSEs (called the ‘Enterprises’) have been collecting and analyzing appraisal data using their proprietary Uniform Appraisal Dataset (UAD) which was overlaid on four of the standard GSE appraisal forms, SFR’s and Condo’s only. Ever since then, appraisers and other users have complained that none of that data was available. Well, now it is available, but not highly detailed down to specific properties. See below for the web site link. Some of that data is granular down to specific Census Tracts, which appraisers seldom, if ever, use in their market analysis to determine comparable sales and their...

Appraisal / Appraisal News / Appraisers News / Federal Housing Finance Agency / FHFA / UAD

Desktops are being done wrong 70

Desktops Are Being Done WRONG!

Appraisers, back in April, I was notified by someone “close to the action” of appraisal report submittals to the GSE’s, that many Desktops are being submitted back to lenders TOTALLY WRONG by the assigned appraisers! These reports are being captured and evaluated in the current Desktop observation and testing phase of the UCDP evaluations. Lenders use the UCDP as an initial report Quality Control check so that any problems can be identified, and sent back to the appraiser for correction, before the last submittal is used for the loan. The UCDP ‘sees’ every report for a particular property address, and keeps track...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Appraisers Can Do These Property Data Reports for Appraisal Waivers 32

Property Data Reports for Appraisal Waivers

These Property Data Reports have a higher level or different reporting requirements than ordinary traditional appraisals. Appraisers, on Tuesday 5/24/22, an AMC sent a message to their appraiser panel appraisers asking them if they’d like to ‘help their lender clients’ by doing Property Data Reports (PDR). Let’s decipher what this is all about. Freddie Mac has decided, that as of Sunday, July 17, 2022, they must have a PDR (Property Data Report) completed “by someone” in order for the loan applicant to qualify for an appraisal waiver in conjunction with a mortgage loan. In other words, actual qualified eyeballs must...

AMC / American National Standards Institute / ANSI / Appraisal / Appraisal Management Companies / Appraisal News

Desktop Appraisals: Has The Devil Infiltrated The Public Trust? 56

Desktop Appraisals: Has The Devil Infiltrated The Public Trust?

Are desktop appraisals with third-party inspectors protecting the public, or are these products about to destroy the very profession I love so much. The Uniform Standards Professional of Appraisal Practice (USPAP) are the key to maintaining public trust in real estate transactions. USPAP is pretty much the equivalent to the Bible, but it MUST be followed for appraisers. Created by the Appraisal Foundation, USPAP set forth the guidelines for how appraisers should perform their work. By following these standards, appraisers ensure that they act in a professional and unbiased manner. To expand, even more, USPAP states, “While USPAP does not...

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

Train Us and Trust Us - AVM Use Formula Based on Inaccurate SF Data 9

Train Us and Trust Us

The most weighted technique in most automated valuation programs comes down to one over-simplified formula, based on a guesstimation from an outside source that has no interest in the real estate system… Dear FHFA: Please accept the following comments in regard to Question A1.4. The response also includes comments on several additional questions. Thank you for taking the time to review these thoughts. Technology has made so many improvements in the last decade and we now have the chance to truly improve our home valuation system. With that being said, the last piece of the quality puzzle starts at the...

AMC / American National Standards Institute / ANSI / Appraisal / Appraisal Management Companies / Appraisal News