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  #1  
Old 12-26-2008, 03:21 PM
KeyWhiz KeyWhiz is offline
 
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Default Fannie Mae Appraiser Scorecard

Is there anyone else here who does REO appraisals for Fannie Mae and recieves one of these quarterly "appraiser scorecards"?
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  #2  
Old 12-26-2008, 03:58 PM
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Yes, but it would only make you jealous.
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Old 12-26-2008, 04:16 PM
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Originally Posted by Tim Hicks (Texas) View Post
Yes, but it would only make you jealous.
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.
.
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Old 12-26-2008, 04:50 PM
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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.
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  #5  
Old 12-26-2008, 05:01 PM
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Riick Riick is offline
 
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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.
.
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  #6  
Old 12-26-2008, 06:07 PM
KeyWhiz KeyWhiz is offline
 
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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  
Old 12-26-2008, 07:09 PM
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Terrel L. Shields Terrel L. Shields is online now
 
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Quote:
My appraisals are WORSE than the BPOs?? Yikes!
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.
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  #8  
Old 12-26-2008, 07:24 PM
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Quote:
Originally Posted by KeyWhiz View Post
Is there anyone else here who does REO appraisals for Fannie Mae and recieves one of these quarterly "appraiser scorecards"?
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.

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  #9  
Old 12-26-2008, 11:18 PM
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Riick Riick is offline
 
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Quote:
......appraisers need to vet those listings and see that they are not typically lower than the comps we're using.
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.
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  #10  
Old 12-27-2008, 07:53 AM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
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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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