Better Understanding of Underwriting

[Elliott]

zz asked, Where does FNMAE obtain data used to determined potential alternative comps in the C.U. report?

Everytime an appraiser does a report. CU is usually older data, at least a month or two old.

 

[ZZGAMAZZ]

zz asked, Where does FNMAE obtain data used to determined potential alternative comps in the C.U. report?

Everytime an appraiser does a report. CU is usually older data, at least a month or two old.

Does FNMAE collect data from all appraisal reports for loans budled and sent to FNMAE? In retrospect I prolly should figure things out on my own rather than asking 1,000 questions piecemeal, although your advice is appreciated.

 

[andrew81]

how long have you been doing residential lender appraisals?

 

[ZZGAMAZZ]

how long have you been doing residential lender appraisals?

The most recent 45 days after sitting on the sidelines while maintaining licensure for the past 13 years . . .

 

[andrew81]

all of your questions are valid and have been asked on here many times.

my best advise is to find someone to supervise you for 50 reports to help understand everything in the post-2011 lender requirements.

 

[andrew81]

Does FNMAE collect data from all appraisal reports for loans budled and sent to FNMAE? In retrospect I prolly should figure things out on my own rather than asking 1,000 questions piecemeal, although your advice is appreciated.

yes, every UAD appraisal is collected

 

[Terrel L. Shields]

Keep in mind not every loan goes to the 3 Fs. A bank can hold the loan themselves and in that case they may not vet your report at all or they may have an in house reviewer. Or a department that hires appraisers or AMCs, and reviewed the work themselves. And those reports comply with USPAP and the Interagency guidelines. Every residential appraiser should have the FHA 4000.1, Fannie Mae Selling Guide and a copy of the FDICs Interagency guidelines and read them. They are all on line.

 

[ZZGAMAZZ]

all of your questions are valid and have been asked on here many times.

my best advise is to find someone to supervise you for 50 reports to help understand everything in the post-2011 lender requirements.

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I often think of offering a monthly retainer to a (California) appraiser who is willing to be readily available by email or phone, although I might get the better end of the deal regardless of the amount of the stipend.

 

[J in Florida]

What if the data base is loaded with false data from Skippy McNumberhit and associates? Not that they would think about that in advance ....just sayin'

 

[jay trotta]

exactly why everyone else can peek at big data, except appraisers