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  #1  
Old 01-29-2009, 12:18 PM
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Mike Kennedy Mike Kennedy is offline
 
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Default Fannie Announcement - Today It's Official

Fannie Mae and Freddie Mac to Require Identifiers on Mortgage Applications The Director of the Federal Housing Finance Agency, announced today that, effective Jan. 1, 2010, Freddie Mac and Fannie Mae are required to obtain loan-level identifiers for the loan originator, loan origination company, field appraiser and supervisory appraiser. Read more...
http://narblog1.realt or.org/mvtype/appraisalinsight/2009/01/fannie_mae_and_freddie_mac_to.html?&WT.mc_id=LS012 809&CAT=App
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  #2  
Old 01-29-2009, 01:29 PM
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"Loan level".....now that is much better.....
  #3  
Old 01-29-2009, 01:46 PM
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why not AMC?
  #4  
Old 01-29-2009, 02:32 PM
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The loan application is not done by an AMC.
  #5  
Old 01-29-2009, 03:30 PM
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But based on their compensation they have about as much responsability for the appraisal product as the appraiser.
  #6  
Old 01-29-2009, 03:49 PM
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This is not new. They annouced it 2 weeks ago. http://appraisersforum.com/showthread.php?t=150229
But who are they kidding? Are they saying that they could not find who was the appraiser or originator on their loans? Just look at the appraisal certification and there is appraiser's name, license level and #, state, phone, and address. Isn't that the identifier?
  #7  
Old 01-29-2009, 03:59 PM
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Quote:
Originally Posted by Metamorphic View Post
But based on their compensation they have about as much responsability for the appraisal product as the appraiser.
Yeah,...I know that sounds right but

the fee has nothing to do with the credibility of a report that an appraiser signs. A low fee does not reduce liability for the assignment results (whatever that liabiliity might be) reported by the appraisal.

A low fee is no different than an inadequate SOW or bad assignment conditions. USPAP and the state boards require that every appraisal be credible in light of the SOW............. which is on the appraisers back.
  #8  
Old 01-29-2009, 04:18 PM
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Quote:
..........the fee has nothing to do with the credibility of a report that an appraiser signs.............
In the perfect world maybe, but we all know the quality of many 24-hour reports done for $175.
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Old 01-29-2009, 04:24 PM
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Quote:
Originally Posted by moh malekpour View Post
This is not new. They annouced it 2 weeks ago. http://appraisersforum.com/showthread.php?t=150229
But who are they kidding? Are they saying that they could not find who was the appraiser or originator on their loans? Just look at the appraisal certification and there is appraiser's name, license level and #, state, phone, and address. Isn't that the identifier?

Moh,


You raise an interesting point. I think its very possible that the automation process of the loan may have destroyed the appraisal to where it was not possible to get this information. Rememebr these wack job bankers were kiting these loans at a very rapid pace.

Seriously, look at what FNC does to a report and you will get what I am trying to say.

Last edited by Carnivore : 01-29-2009 at 07:33 PM.
  #10  
Old 01-29-2009, 05:21 PM
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Quote:
Originally Posted by Timothy Evans View Post
In the perfect world maybe, but we all know the quality of many 24-hour reports done for $175.

Timothy,

Just for the sake or argument (I prefer debate) let's say you are correct.

Why is 24 hour turn time and a $175.00 always going to affect credibility and how do we know it affects quality? How could that be explained or proven to a consumer, a lender or legislators?
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