Fannie Mae definitions for urban/suburban

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by atomictfw, Aug 26, 2008.

Thread Status:
Not open for further replies.
  1. Mr Rex

    Mr Rex Elite Member

    14
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Urban: BB guns OK
    Suburban: 22's OK
    Rural: Shoot 'em if you got 'em.
     
  2. Thomas N. Morgan

    Thomas N. Morgan Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Oftentimes, residential subdivisions are developed just outside the limits of a city. As time goes on, the residents begin to need and ask for services offered by the City. The City, seeking more revenue, wants to annex the area, does so.
    Voila! the homes are now inside the limits of a city. Is the area now "urban" in the ordinary meaning of the word?

    Try looking up a definition of urban and suburban in Wikipedia. See what it says, and quote it, if you like the definition.

    And by the way, all municipal corporations have city limits, but are they all "Cities"? The smaller ones are often referred to as "Towns".

    If a politician says he grew up in a small town (that had a corporate charter from the State) was he lying?
     
  3. atomictfw

    atomictfw New Member

    0
    Aug 26, 2008
    Professional Status:
    Appraiser Trainee
    State:
    Virginia
    suburban definitions?

    we have the US Census definitions and are trying to confirm the subject is suburban. the client contends that there is a Fannie Mae Definition... we cant find any fannie mea definition for urban/sub/rural, etc... :huh: the subject has a city mailing address but a good portion "city" has what we consider an "suburban" neighborhood. strrets with no paint, no streetlights, mailboxes on the street (not on the house), no sidewalks, etc...

    my office has cranked out a thousand reports for this neighborhood and several for this very bank written the same way and this one is stuck in the underwriters teeth. (godbless the united states of appraisal port) with the US Census definition on 1k population per square mile we are on the button. if we skew the "square mile" slightly toward downtown its over 1k if we move out a bit it is under 1k.

    we are looking to support our statement that the subject is suburban. also, all the comps are within a mile and 2 of 5 comps are under 6 months, the remaining 3 are within the year with low adjustments and nice bracketing and matching all around. the value is a whopping $117k. we are really scratching our heads on this one.
    :shrug::sad:
     
  4. leelansford

    leelansford Elite Member

    12
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    Again, if the Subject is located in a "suburb", a "suburb" of what city?
     
  5. atomictfw

    atomictfw New Member

    0
    Aug 26, 2008
    Professional Status:
    Appraiser Trainee
    State:
    Virginia
    oops...

    Roanoke, VA
     
  6. Mr Rex

    Mr Rex Elite Member

    14
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Fannie Mae definition post #3. Fight the power.
     
  7. Hamlet

    Hamlet Elite Member

    0
    Aug 14, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Ohio
    Snowplows take out mailboxes in my neighborhood with regularity.:rof:
     
  8. REK School

    REK School Sophomore Member

    0
    Dec 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Welcome to nowhere, downtown, Urban

    nowheres city limits, Suburban

    You passed nowhere, Rural

    Not fannie or freddie but this works in FLA.
    Is the lender looking at your street map, if so zoom out and replace, if the streets are congested, Urban, do you have many streets, Suburban, If you have a couple of lines on the map and most are section, township, and range lines Pick Rural.

    seems to work down here.
     
  9. VolcanoLvr

    VolcanoLvr Senior Member

    1
    Oct 30, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    Ask the lender to provide you with a written definition they are using to define the area. Be sure to ask for chapter/verse so you can look it up.

    This probably has more to do with the particular loan program and it's available interest rate (that was probably was pre-quoted to the borrower) than the actual location.

    In effect, you are being asked to appraise a property a certain way by someone who has a financial interest in the loan, i.e., the commission earned on the mortgage loan. That's a violation of USPAP.

    Perhaps a conversation with the loan officer's superior would be appropriate if you continue to be pushed.
     
  10. Terrel L. Shields

    Terrel L. Shields Elite Member

    45
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    I follow your UW's logic. "adjacent to the city" suggests to me that it is outside the city limits. I would just change it. It doesn't matter. Quote the above in the report and go on. Not a windmill I want to joist with.
     
Thread Status:
Not open for further replies.

Share This Page