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Old 11-12-2008, 07:43 AM
Charlie Charlie is offline
 
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Hello everyone-

I am considering a contract review appraiser position with Fannie Mae in the Dallas area. Does anyone have any experience with this position that could give me general information on what it is like? Maybe you know someone who took one of these?

I am torn about taking this. It may be a good opportunity that could enhance my career experience and resume. On the other hand it would be tough to be away from my wife and family for an extended period. 6 months is the typical contact and many lead to full time positions or contract extensions from what I understand.

I am sure there will be very aggressive production expectations and tough working conditions. Thanks in advance.

Last edited by Charlie : 11-12-2008 at 08:29 AM.
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Old 11-12-2008, 08:00 AM
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Don Clark Don Clark is offline
 
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Hello everyone-

I am considering a contract reveiw appraiser position with Fannie Mae in the Dallas area. Does anyone have any experience with this position that could give me general information on what it is like? Maybe you know someone who took one of these?

I am torn about taking this. It may be a good opportunity that could enhance my career experience and resume. On the other hand it would be tough to be away from my wife and family for an extended period. 6 months is the typical contact and many lead to full time positions or contract extensions from what I understand.

I am sure there will be very aggressive production expectations and tough working conditions. Thanks in advance.
I these tough times, I would take it if I were a younger man. I suggest you have an indepth knowledge of what Fannie Mae expects so you should be well versed in Fannie Mae guidelines, the requirements of Fannie Mae for the use of the 2005 series of forms. Send me a PM or an e-mail and I will send you some things that might be helpful.

OOPS...Charlie I did not relize you are in Virginia Beach. call me. 757-497-9344
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  #3  
Old 11-12-2008, 11:02 AM
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Tim Hicks (Texas) Tim Hicks (Texas) is offline
 
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If this is the review of the REO appraisal and BPO with a reconciliation of both, this it is a very tough job. They expect 20 a day (not at first, of course) and they expect you to place a reasonable expectation of a sale price for the REO property and reasonable repair costs derived from the BPO estimate and appraiser estimate. You have to wade through many sub par appraisals and sub par BPO's to do this job. You are not looking for USPAP violations or there to complain about the appraisals or BPO's. You are to grade them both, base your estimated sales price on both and move on quickly. You will be graded on your price versus actual sold price and your abilty to do the volume required. Many do not make it through the first month. This is not a socializing job, but a nose to grindstone, please don't fire me job.

You will come out of the job with a dim view of most appraisers and their ability to follow a scope of work and a dim view of most RE agents as they try to low ball the properties to sell. Especially since you have to base your decision on their work.

If you make it six months, they can offer you another six month contract or a full time position doing the exact same thing if they deem you worthy. The full time position pays less than the contract position, but has great benefits.

I know four appraisers that have taken this contract job and one is currently full time and the other is near the end of his contract. You can guess what happened to the other two.

If you know how to crank out work and keep your nose to the grindstone, then you should do well. If you enjoy golf breaks, smoking breaks, personal phone calls, long lunches and socializing, then maybe this is not the job for you. Once you get your volume up, then socializing may be an option. Remember the corporate motto, "What have you done for us lately."

Of course, I only know what I have been told. I have not experienced this job personally.
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  #4  
Old 11-12-2008, 12:06 PM
Ross (CO) Ross (CO) is offline
 
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So, Tim, from what you've heard and been told......are the words lucrative, mutually cooperative, open-channeled communication, and fair-and-reasonably compensated also part of that relationship and experience for the "contract" worker ?

One could expect that "hard work" and "long hours" might be common.......but the "nose to the (unending) grindstone" begins to sound like there is also a whipcracker dressed in all black leather standing nearby. If the volume of loanfile work products is massive, and there is NO reason to doubt in any way that such is so and the "rate of pay" per review product might be relatively consistent for appraisers ANYwhere in the country.....then why aren't more reviewers (in their registry) solicited and contracted to ease that crushing weight of needed services.....and allow those active reviewers to also "have a life" ? Do your acquaintances tell you that it's 24/7 for them ?

Does retribution and pay-back for all of (Fannie's) bad decisions in past years......have to mean that the very people brought on-board to aleviate the pain, sort through the debris, and put the train back on the track ALSO have to endure such domineering working relations ? Double the number of contractors....and get the mess cleared up all the sooner !

BTW, what have you been told about the medium of communication for the review reports on those REO's (appraisals) and BPO's ? Is there now a formal Fannie review form for a.....BPO ?

Charlie, can you elaborate on the "be away from my wife and family for an extended period" comment ? Is this opportunity for you somewhere far from your market and requiring you to live out of hotels and your car ?

Wasn't there going to be some 2-day whoopdy-do in Dallas on Nov. 2nd & 3rd for their many REO and review appraisers ? Any word on the outcome and shared info from that event ?
  #5  
Old 11-12-2008, 12:31 PM
Charlie Charlie is offline
 
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Charlie, can you elaborate on the "be away from my wife and family for an extended period" comment ? Is this opportunity for you somewhere far from your market and requiring you to live out of hotels and your car ?

Hello everyone,

A sincere thanks for all of the responses (including phone calls and PMs) so far. I appreciate the input and would like to hear from others, particularly anyone who has worked in one of these positions.

Ross - yes this opportunity is far from my market. Job is in Dallas - I am in Virginia Beach. I believe the properties I would be looking at are throughout the country. Of course I wish that I could be hired to just do this in my area - but that is not how the system is currently set up by the powers that be.
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  #6  
Old 11-12-2008, 12:31 PM
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Tim Hicks (Texas) Tim Hicks (Texas) is offline
 
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Ross,

Overtime is offered all the time. Hiring and firing is done weekly as many are just not cut out to do this kind of work. You are not doing a desk review or field review, you are reading both reports, trying make sense from the two, wondering why the RE agent has more recent and better comparable sales and making a decision on list price for the property in order to sell it with the least possible loss without holding it for more loss. They are not cracking whips, but there are quotas and they are to be met. I am just telling you that the average appraiser is not used to working at the level it takes to do this JOB. It is not appraising. You are using your appraisal experience only to help handle the JOB.

I don't think you comprehend how many foreclosures there are and how many are coming. They are not all sitting in one big pile ready to be processed. They have a monthly haul and they try to process them as they get them.
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  #7  
Old 11-12-2008, 01:20 PM
Ross (CO) Ross (CO) is offline
 
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"I don't think you comprehend how many foreclosures there are and how many are coming. They are not all sitting in one big pile ready to be processed. They have a monthly haul and they try to process them as they get them."

- - - - - -

I am very aware of the deluge of foreclosures that are coming down the 'pike ! Likewise, I can appreciate the immensity and volume of these Fannie review tasks to be performed. All speaks quite loudly for Fannie (and Freddie) to ramp up their momentum for processing all the rubbish that they have in their portfolios. Sure makes sense to engage more reviewers than to break the backs of the ones they now engage ! Just my common sense way of looking at the whole thing. I'm usually too practical. A major fault I have.

Sounds like the process.....involves making statements and projections soley relating to "price", and not "value". Maybe this creates a unique moment when state-licensed individuals who are known to be appraisers can actually take that hat OFF and put on the hat of someone else dabbling in Valuation Services.....with a certain relaxation of the force of total-USPAP haunting everything they do in the means to fulfill a defined S.o.W. that is understood and agreed between client and service provider. Does Fannie have a clearly defined S.o.W. that guides these services and aids the process of credibly "grinding out the quota" that comes through the pipeline ? Can an appraiser do "the JOB" without dotting an "i" or crossing a "t".....and NOT have their head handed to them on a silver platter ? Does this "job" allow one to clearly provide services with the "protection" of NOT representing oneself as an appraiser, or acting as an appraiser ?.....since suggested selling "price" is the reported information and not current property value.

Charlie, I guess your market is already covered by available practioners and thus you are desired elsewhere. Rather than you going to Dallas......they should give Tim a call ! Hopefully any such offer and the negotiated outcome you conclude can stand to serve you and the family in a maximal way. Good luck.

Tim, if your one full-time Fannie reviewer acquaintance should happen to share with you the name and phn # for any certain individual with whom they have a cooperative speaking relationship IN that Fannie REO office......please PM me with that info. I'm willing to inquire as to whether my market has fulfilled its saturation level yet. Maybe.....
  #8  
Old 11-12-2008, 02:24 PM
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Tim Hicks (Texas) Tim Hicks (Texas) is offline
 
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Quote:
Sounds like the process.....involves making statements and projections soley relating to "price", and not "value". Maybe this creates a unique moment when state-licensed individuals who are known to be appraisers can actually take that hat OFF and put on the hat of someone else dabbling in Valuation Services.....with a certain relaxation of the force of total-USPAP haunting everything they do in the means to fulfill a defined S.o.W. that is understood and agreed between client and service provider. Does Fannie have a clearly defined S.o.W. that guides these services and aids the process of credibly "grinding out the quota" that comes through the pipeline ? Can an appraiser do "the JOB" without dotting an "i" or crossing a "t".....and NOT have their head handed to them on a silver platter ? Does this "job" allow one to clearly provide services with the "protection" of NOT representing oneself as an appraiser, or acting as an appraiser ?.....since suggested selling "price" is the reported information and not current property value
Bingo. It is a job, not an appraisal. The appraisal is already done. The BPO is already done. They just need somebody to reconcile the two to a logical asking price. They only like having appraisers doing the job because appraisers are supposed to have a clue with reading appraisals and comprehending BPO's.

They have had this job for years and years. It is not new. The workload has increased over the past two years, so they have added contractors to handle the extra load. When the foreclosures slow down, the contractors will not be needed and hopefully the full timers will not be laid off. It does not look like that will happen anytime in the near future.

Ross, I am just reporting my knowledge of this job. I would suggest you contact Fannie Mae directly if you are interested in a job. I do know that 20 is the quota, but they have kept contractors on for the full six months that never made the quota, but did the best they could. However, if you are interested in a full time position, you would be expected to exceed quota's and show your value just like any corporate position.

They should not give Tim a call. I have no desire to drive two hours back and forth to work every day to work in a corporate atmosphere.
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  #9  
Old 11-12-2008, 04:04 PM
Ross (CO) Ross (CO) is offline
 
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You mean to say ?......that this review function is ONLY PERFORMED by appraisers setting their butts down in chairs IN that Dallas office ?......and NOT to engage appraisers from all the many markets out there across the fruited plain reviewing these very properties IN their market and cross-referencing info with local databases ?

I applied...online...(the only way ?) last November to assist this Fannie group and have never received any return confirmations, follow-ups or assignment propositions since then. No wonder, as C/S to Dallas is one heck of a daily commute !

I had printed out a Forum posting around Nov. 2007 that was submitted by a Fannie staff person in that office, initials C.C., and wonder if they are still a prime contact there today. They were a Valuations Manager for REO Operations.

I'll try a web-search of NPDC / Fannie / Dallas.....and see if any phone numbers come up. I'll call to say......Hi !
  #10  
Old 11-12-2008, 05:26 PM
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Tim Hicks (Texas) Tim Hicks (Texas) is offline
 
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Originally Posted by Ross (CO) View Post
You mean to say ?......that this review function is ONLY PERFORMED by appraisers setting their butts down in chairs IN that Dallas office ?......and NOT to engage appraisers from all the many markets out there across the fruited plain reviewing these very properties IN their market and cross-referencing info with local databases ?

You are not reviewing the appraisal. You are reading the appraisal and comparing it to the BPO. You analyze the data from both. You make salt water taffy out of it and come up with a list price. It just becomes time consuming when both articles contradict each other or one or both are crap. The one good part is you get to "grade" those reports to help them decide if they are worthy of future assignments that have their specific SOW regarding REO properties.
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