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Fannie and Freddie

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Lukasz123us, Sep 25, 2009.

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  1. Lukasz123us

    Lukasz123us Junior Member

    0
    Feb 12, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Trying to get on fannies list but still waiting. I know they use ap. Does Freddie order appraisals. If so how do you sign up.
    Thanks in adbance.
     
  2. Restrain

    Restrain Elite Member

    30
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Freddie does BPOs only.
     
  3. Jacqueline Doty

    Jacqueline Doty Sophomore Member

    0
    Jun 8, 2004
    Professional Status:
    Banking/Mortgage Industry
    State:
    Maryland
    Correction

    For the record, the statement that Freddie Mac only does BPOs is not accurate.
     
  4. Offshore

    Offshore Senior Member

    0
    Dec 25, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Ms. Doty are you at liberty to say who places REO orders for Freddie Mac when they order appraisals?
     
  5. VolcanoLvr

    VolcanoLvr Senior Member

    23
    Oct 30, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    Also, can you state how appraisal report review assignments are handled?

    Is it up to the Lender to order them, or does your agency make that request and contract with appraisers directly?

    Per the HVCC, approximately 10% of all appraisals must be reviewed.
     
  6. Jacqueline Doty

    Jacqueline Doty Sophomore Member

    0
    Jun 8, 2004
    Professional Status:
    Banking/Mortgage Industry
    State:
    Maryland

    Under the HVCC, the lender orders the reviews for 10% sample.
     
  7. TJSum

    TJSum Elite Member

    4
    Nov 12, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    Ms. Doty, is there a minimum standard for these "reviews"? At times we see ads from AMCs for review appraisers, stating the expected number of reviews to be completed were 6 per hour, etc. There seems to be dozens of levels for review products. And of course, AVMs can do a type of review as well. What level of review counts towards that 10%?
     
    Last edited: Sep 29, 2009
  8. Jacqueline Doty

    Jacqueline Doty Sophomore Member

    0
    Jun 8, 2004
    Professional Status:
    Banking/Mortgage Industry
    State:
    Maryland
    Lender's may select among several options in their contract so it varies by lender according to their business model. Generally there is a mix of desk reviews and field reviews. An AVM is typically used to select a target sample, not to perform the review.
     
  9. PropertyEconomics

    PropertyEconomics Elite Member

    1
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    Do Fannie and Freddie have any staff reviewers whose job is doing nothing but reviewing portfolio loans to find out which lenders are doing their jobs and which arent? Fannie and Freddie could carry a very big stick in the regulation of poorly prepared appraisals if they would but step in and say ... these reports are unacceptable and you should have reviewed them prior to selling the loan to us. Banks are scared of auditors maybe lenders should be afraid of Fannie / Freddie reviewers.
     
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