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FHFA news release

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Jo Ann Meyer Stratton, Jan 17, 2009.

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  1. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    18
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    Beginning January 2010, lenders will provide data to Fannie Mae and Freddie Mac that will identify the loan originator, loan origination company, field appraiser and supervisory appraiser for each mortgage loan. Here is a link to the announcement:

    http://www.fhfa.gov/webfiles/400/LoanOrigIDS11509.pdf
     
  2. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    32
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Yeah, like they don't have that information now.
     
  3. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    I see a black list for originators and origination companies coming. Welcome to the world of appraisers.
     
  4. jtinmichigan

    jtinmichigan Junior Member

    3
    Feb 7, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    Its a step in the right direction, however, you will have to be very careful who you take work from. Fly by Nite Mortgage is gonna have a problem getting their work done.
     
  5. VolcanoLvr

    VolcanoLvr Senior Member

    4
    Oct 30, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    Fly by Night, and every other flea bitten mortgage sales agency is coming under the MANDITORY F/F licensing regulation. It's about durn time.

    They either take the pre-licensing classes, have personal background checks done, register and get their license, or you're right......they will no longer be able to sell loans that ultimately wind up with Fannie/Freddie.

    In time this requirement will ripple through the entire mortgage industry, including banks. Hard money lenders who retain their loans, small banks keeping their loans, FHA/VA, and others will realize that there will be too much extended liability if mortgage loan sellers are not in compliance with the registration regulation.

    The pendulum is swinging back to center, where it should have been all along. The bad apples caused the problems, and regulators have finally done what they should have done about 1990 when appraiser licensing was enacted. "We" were the easy target then; now everyone will be in the crosshairs.
     
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