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Are altered reports being delivered to Fannie Mae?

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Tim Hicks (Texas), Oct 24, 2009.

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  1. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member
    Gold Supporting Member

    72
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    In the 2009 selling guide, there is this tidbit:

    Electronically transmitted appraisal reports are acceptable provided lenders meet all required appraisal representations and warranties and the appraisal report

    • adequately identifies the appraiser
    • is created by the appraiser identified on the appraisal report
    • includes a reproduced signature of the appraiser whose name appears on the report, and
    upon delivery to Fannie Mae, is the unaltered report submitted by the identified appraiser.

    I just wonder how many original reports don't get delivered to Fannie Mae, just the converted appraisals with you know who's insignia at the bottom.

    If you convert to AIready or use Hotspot or something else like that, you are converting the appraisal yourself and submitting the converted report yourself.

    I put in every report: "This appraisal is completed in Wintotal software. An example that this is an altered report and not the original report can be the lack of a Wintotal logo at the bottom of every page. The appraiser is not responsible for any report that has been altered after delivery."​

     
  2. Carnivore

    Carnivore Elite Member
    Supporting Member

    45
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    AMC_PhoneMonkey.comers, the likes of FNC and others and Big Box Banks use economic duress againts Appraisers.

    http://www.allbusiness.com/glossaries/duress/4963750-1.html

    Simple question:

    Would you choose FNC conversion and AiPort if your LENDER clients voluntarily allowed you to pick the delivery conversion method and portal?

    Simple question and it ask for a simple answer.

    1. I would voluntarily choose FNC Conversion process and AiPort portal.

    2. I would not voluntarily choose FNC Conversion process and AiPort portal.
     
    Last edited: Oct 24, 2009
  3. NORTON

    NORTON Senior Member

    2
    Oct 10, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I like this! but I think they would argue it was altered before delivery..so then the definition of "delivery" becomes the issue....when it left your computer or when it arrived on their's...if you are using AP, then you alter it before sending it....even though it's their requirement to alter it....let the lawyers work it out...
     
  4. TJSum

    TJSum Elite Member

    16
    Nov 12, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    Exactly what is meant by a "reproduced signature'? :shrug:
     
  5. Duckey

    Duckey Junior Member

    0
    Aug 2, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    We kept getting an error response on a review sent AI on Appraisalport and when we pulled the entire ENV it was very different than our original. We sent a straight PDF to the lender and advised that Appraisalport was stripping data and changing the forms we used.

    We are going to follow up with the lender as the AMC did not care.
     
  6. Duckey

    Duckey Junior Member

    0
    Aug 2, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    We did keep copies of both the pdf and the env to send to the lender.
     
  7. NORTON

    NORTON Senior Member

    2
    Oct 10, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    how did u open the ENV file....and what was being dropped....rather than just sending it to the lender....why not also send it to your state board!..just for giggles...send a copy to Uncle Andy!
     
  8. Duckey

    Duckey Junior Member

    0
    Aug 2, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    Our son has a degree in computer engineering and we put it into a file so the pages can be viewed side by side. I need to remove the confidential info and then I will be happy to send it on.

    They stripped out the data on the new comps put into a desk review. The original comps were not good. They also stripped out all comments about those new comps.
     
  9. Workbox

    Workbox Elite Member

    3
    Mar 2, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    I'm just going to sit here and take bets. :new_gmorning:
     
  10. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member
    Gold Supporting Member

    72
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    My point was that if you deliver to Appraisalport in AIready format, you are doing the conversion yourself, therefore you are in control of what is sent to the lender. The same goes if you have to use Hotspot to deliver to any AMC.

    However, if the AMC or client is converting your pdf after delivery and delivering only their converted file to the lender, you are not in control and your original report may not be getting delivered to the lender.

    That is why some AMC have you doing the conversion process yourself. Then it is your fault any data is lost or any part of your report is not delivered to the lender.

    I do Fannie Mae REO's through Appraisalport in AIready format. I can see what is converted and every bit of my report gets converted and delivered to Fannie Mae because I know what forms will convert and what pages will not convert. I don't use any pages in my original that will not convert.
     
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