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Fannie Announcement - Today It's Official

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Mike Kennedy, Jan 29, 2009.

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  1. Mike Kennedy

    Mike Kennedy Elite Member

    95
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
  2. USPAP Compliant

    USPAP Compliant Elite Member

    2
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    "Loan level".....now that is much better.....
     
  3. Bigrock

    Bigrock Member

    0
    Jun 6, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Georgia
  4. USPAP Compliant

    USPAP Compliant Elite Member

    2
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    The loan application is not done by an AMC.
     
  5. Metamorphic

    Metamorphic Senior Member
    Gold Supporting Member

    41
    Mar 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    But based on their compensation they have about as much responsability for the appraisal product as the appraiser.
     
  6. moh malekpour

    moh malekpour Elite Member

    0
    May 25, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    This is not new. They annouced it 2 weeks ago. http://appraisersforum.com/showthread.php?t=150229
    But who are they kidding? Are they saying that they could not find who was the appraiser or originator on their loans? Just look at the appraisal certification and there is appraiser's name, license level and #, state, phone, and address. Isn't that the identifier?
     
  7. USPAP Compliant

    USPAP Compliant Elite Member

    2
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Yeah,...I know that sounds right but

    the fee has nothing to do with the credibility of a report that an appraiser signs. A low fee does not reduce liability for the assignment results (whatever that liabiliity might be) reported by the appraisal.

    A low fee is no different than an inadequate SOW or bad assignment conditions. USPAP and the state boards require that every appraisal be credible in light of the SOW............. which is on the appraisers back.
     
  8. Michigan CG

    Michigan CG Moderator Staff Member Moderator

    217
    Nov 1, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Michigan
    In the perfect world maybe, but we all know the quality of many 24-hour reports done for $175.
     
  9. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina

    Moh,


    You raise an interesting point. I think its very possible that the automation process of the loan may have destroyed the appraisal to where it was not possible to get this information. Rememebr these wack job bankers were kiting these loans at a very rapid pace.

    Seriously, look at what FNC does to a report and you will get what I am trying to say.
     
    Last edited: Jan 29, 2009
  10. USPAP Compliant

    USPAP Compliant Elite Member

    2
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Ok


    Timothy,

    Just for the sake or argument (I prefer debate) let's say you are correct.

    Why is 24 hour turn time and a $175.00 always going to affect credibility and how do we know it affects quality? How could that be explained or proven to a consumer, a lender or legislators?
     
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