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Fannie Mae Appraiser Scorecard

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by KeyWhiz, Dec 26, 2008.

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  1. KeyWhiz

    KeyWhiz New Member

    0
    Dec 9, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    Is there anyone else here who does REO appraisals for Fannie Mae and recieves one of these quarterly "appraiser scorecards"?
     
  2. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member
    Gold Supporting Member

    38
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    Yes, but it would only make you jealous.
     
  3. Riick

    Riick Elite Member

    32
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    Gee... Someone else in the top 2%. <smile>

    Actually, this is the first time I've seen this scorecard in maybe ....10 years?
    Thought maybe they revived it at/after that dog & pony show in Dallas back in November.
    .​
     
  4. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member
    Gold Supporting Member

    38
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    I have been receiving them on and off for the past three years. You are being scored by the technicians comparing the BPO and the appraisal.
     
  5. Riick

    Riick Elite Member

    32
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    I've been tracking my own work - based on final sale prices.
    Haven't left any "money on the table" which was their big bugaboo back in the 1990s.
    ... In fact looks to me like I'm either way too generous,
    since homes are selling for less than my appraised value,
    or things falling apart faster than Fannie gets the properties on market.
    All of which must give the buyers a warm spot in their tummies.
    .​
     
  6. KeyWhiz

    KeyWhiz New Member

    0
    Dec 9, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    I've gotten a couple of these--one each for the last two quarters. Both times my scores have been quite a bit lower than I would like them to be. But without any direct communication with the client and the vague manner in which my reports are being rated, it's hard for me to tell what it is I need to do better. Like Riick, if anything, I'm being too generous.

    Tim says I'm being scored comparing the appraisals to the BPOs...but by what criteria? My appraisals are WORSE than the BPOs?? Yikes!

    Am I to take these scorecards with a grain of salt and not worry about anything as long as I don't fall into a "review" grade? Or do you think I should try to contact an actual living human being at Fannie Mae and see just what it is I should be trying to do better?
     
  7. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    248
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Timing has a lot to do with the success of an Indian Rain Dance. If the BPO is done after the appraisal, in a rapidly changing market and the Realtor looking at current listings, he can and often is 'closer' to the market than we are. Our data is historical...sometimes a little too historical. That's why appraisers need to vet those listings and see that they are not typically lower than the comps we're using.
     
  8. marc paolella

    marc paolella Junior Member

    2
    Nov 3, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    New Jersey
    I just receved mine and I got an A for the first time ever. I plan to remind Fannie of that on January 8 just before REO activity is supposed to resume.

    "You said I'm in the top 5% of all your appraisers! Send orders immediately!"
     
  9. Riick

    Riick Elite Member

    32
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    That's exactly what I'm beginning to see in tract housing.
    Listings adjust out AT, or a bit below the sales.
    I am adjusting (listings) for typical discounts from asking price,
    but NOT adjusting (listings) for the now typical 4%-6% concessions

    ........ Which is probably why I'm a bit too high.............? ...Makes some sense.
     
  10. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    13
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    I did about 100 appraisals for Fannie Mae directly and never got a "report card". They dropped me because they found other appraisers who were willing to work for a much lower fee. Quality never seemed to be a very high priority, in fact, at a Fannie Mae training session in Denver in the fall of 07 one of their appraisal supervisors complained about Fannie Mae paying over 7 million in appraisal fees. Isn't that funny when the CEO got millions in bonus money while the corporation was losing billions?
     
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