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FNMA: Appraisers get no respect

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Riick, Jan 7, 2009.

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  1. Riick

    Riick Elite Member

    40
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    It surely looks to me that FNMA believes a BPO = Appraisal

    There is a loan modification program that the FHFA has started called the “Streamlined Modification Program” (SMP)
    Designed to restructure "troubled" Fannie Mae/Freddie Mac loans.

    From: FNMA Announcement 08-33
    Determining eligibility for the SMP – LINK

    Read it and weep:
    .
     
  2. GCJim

    GCJim Senior Member

    5
    Dec 11, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Jersey
    Surprising, idn't it? Actually, I'm not THAT surprised. I'm REALLLY surprised that they have dis-allowed AVM's. Going that route would be more consistent and fit thier track record of 'garbage in = garbage out' much better, imo.

    Nice avatar of 'Uncle Bernie', btw.
     
  3. panappr

    panappr Senior Member

    5
    Dec 5, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Why don't they attach that 1004MC requirement to the BPO if they are so concerned about market conditions? Or was that just to try and slow appraisers down a little bit more? The whole BPO industry is a slap in the face to the appraisal profession.
     
  4. Bama Bayou

    Bama Bayou Senior Member

    0
    Oct 19, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Alabama
    I think it may be time for the AG's and/or the appraisal boards in the mandatory states to send FNMA a nice letter informing them that they are ordering an illegal product if they pay a fee for a BPO prepared by someone who does not have an appraisal license.

    The brokers who prepare these in my state know that it is illegal but they have the attitude of "I'll do it until I get caught". They never get caught. Why would FNMA trust someone with that attitude? Why do they continue to order illegal appraisals from brokers in mandatory states who are not licensed to do them?

    It's kind of like, well, you know, we really trust these BPOs even we order them from brokers who are breaking the law by providing them. What the hell?
     
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