Tagged: The US Department of Veterans Affairs

rainee Appraisers Unsupervised Inspections Allowed: Death Grip on Trainees Loosening 29

Death Grip on Trainees Loosening

Allowing associated trainee appraisers to complete unsupervised inspections… Appraisers, and others, A ‘significantly large’ nationwide AMC has notified it’s vendor appraisers that certain lenders contracted with this AMC will now accept appraisal reports signed by properly trained (and presumed properly approved by the State) Trainees as the ‘Appraiser.’ This follows the Jan. 31, 2017 FNMA announcement that they will accept reports signed by Trainees. So far, I have not seen any similar announcement from FrMAC, FHA, VA, or USDA, or any other specific lender. The AMC’s message to their appraiser panel is below. NOTE: This memo says the Trainee is...

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

Appraisal Regulations - Life After Dodd-Frank ~ copyright AppraisersBlogs 5

Life After Dodd-Frank

Do the agencies’ appraisal regulations apply to FHA, VA… Republican control of Washington DC will mean one of two things: A scaling back of Dodd-Frank, or The elimination of Dodd-Frank Like it or not, one of these two scenarios will play itself out in 2017 or 2018. What about AMCs? The AMC Final Rule was deemed that…the registration and supervision of AMCs is voluntary, and that a State may elect not to establish such a program for any reason, including if its resources do not support such a program. Will the states walk away from AMC regulation? Perhaps not all, but definitely some states will either bypass the...

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

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VA Appraiser Shortage

VA recruiting appraisers in the Western US Appraisers in the Western US, A person I know on the ‘inside’ of VA asked that I distribute this message. They are looking for appraisers in the following states and counties. DO NOT CONTACT ME! READ THE INSTRUCTIONS. If anyone wants to apply for the VA panel, they can send a request to 39/va262@va.gov and ask for the application package. For more information regarding the recruiting process and to download the application, visit Fee or Roster Personnel Designation Application. A credit bureau report will be pulled on all applicants. The credit bureaus used are...

Appraisal / Appraisal News / Appraisers News / The US Department of Veterans Affairs / VA

Thank you Wall Street 3

Thank You Wall Street for Killing off my Hallmark Moments

Thank you Wall Street, your mothers must be very proud of you! I’m not sure when it happened, but sometime in my lifetime the family home stopped being where you chose to live to raise your family and put down roots and became an investment asset. It seems this transformation began when investment bankers on Wall Street first realized residential mortgage lending represented a potential source of huge profits. Prior to the Great Depression, a typical mortgage loan was for 50% of the cost of a home, was interest only, was for 5 years with a balloon payment due at...

Appraisal / Appraisal News / Appraisers News / E&O / Errors & Omissions / Fannie Mae - Freddie Mac

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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

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Free FHA Webinar on Most Common Appraisal Deficiencies

On September 18, 2014, the Federal Housing Administration (FHA) is offering a 120-minute webinar on Most Common Appraisal Deficiencies. This session will provide an update and overview of FHA Single Family mortgage insurance appraisal requirements. It will address the most common appraisal questions and appraisal deficiencies. Property inspection requirements, appraisal validity period, case numbers, REO, manufactured homes, well and septic, attic and crawl spaces, lead-based paint, termite

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / HUD

XML MISMO UAD appraisal 0

VA Appraisals Must be in MISMO XML

VA Announces Electronic Appraisal Requirements: Appraisals must be in MISMO XML Effective June 1, 2014, all Department of Veterans Affairs (VA) appraisals will be processed in WebLGY under the VA Appraisal Management System (AMS). Therefore, beginning June 1, 2014, all VA appraisals must be uploaded in WebLGY in Mortgage Industry Standards Maintenance Organization (MISMO) compliant XML 2.6 GSE file format as VA will no longer accept appraisals uploaded in WebLGY in PDF format. Prior to June 1, 2014, VA appraisals must continue to be uploaded in WebLGY in PDF file format. Historically, VA appraisal form/formats conformed to appraisal industry form/format...

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

How should you handle an angry borrower at a re-inspection 0

How to Handle an Angry Borrower at a Re-inspection

Angry borrower… please don’t shoot! We’ve all been there. We do an appraisal inspection and find health and safety issues that must be mentioned in the appraisal. A few weeks later, we receive an engagement letter requesting a re-inspection. The appointment is set and the borrowers confirm that all repairs have been made to a satisfactory level. The appointed time arrives and you drive to the property in question. Before you even get out of your vehicle, you can tell that the health and safety issues have been minimally addressed but certainly not to the level that would allow for...

Appraisal / Appraisal News / Appraisers News / Federal Housing Administration / FHA / The US Department of Veterans Affairs

The Veteran’s Administration - A Model for All AMCs 3

The Veterans Administration – A Model for All AMCs

AMC should learn from the way the Veterans Administration treats their appraisers Let us begin with the obvious – the Veterans Administration (VA) is not an Appraisal Management Company (AMC).  They are a non-profit, government entity that works under different rules, so making a direct comparison between the two is not entirely fair.  However, there are some things I think every AMC should learn from the way the Veterans Adminstration treats their appraisers. Personally, I have been trying to get on the VA’s appraisal panel for over 6 years.  They are a tough nut to crack.  After much persistence, however,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / The US Department of Veterans Affairs

UAD Reader alamode 0

UAD Reader to Manage XML Appraisal Files

Free UAD Reader to Manage XML Appraisal Files UAD (Uniform Appraisal Dataset) is the appraisal format designed and required by Fannie Mae and Freddie Mac, and adopted by FHA and VA. All GSE-destined appraisals as of September 1st, 2011 must be in strict UAD format. FHA and VA have announced they will both require UAD after January 1st, 2012. How do you open and read an appraisal file in the newly required “UAD” MISMO 2.6 XML format? a la mode UAD Reader is a free tool that lets anyone work with any appraisal in the new UAD MISMO 2.6 XML...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Fannie Mae - Freddie Mac

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