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Old 03-10-2009, 11:16 PM
Mikey Flair Mikey Flair is offline
 
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Default We don't need no stinking appraisers!

Fannie Mae Eases Appraisal Requirements; Too Early to Assess Impact
Starting April 4, Fannie Mae will no longer require appraisals or property inspections from some borrowers who are refinancing mortgages. Instead, Fannie Mae’s Desktop Underwriter system will validate property values through automated valuation models. The new requirements most typically apply to existing appraisals on file and for loans that already contain risk for Fannie Mae.

Under the new guidelines, lenders will be required to enter an estimated value of the house, which would then be compared with an estimate from an automated valuation model. If the two values are comparable, Fannie Mae will grant the borrower an appraisal waiver. If the two are not comparable, it will trigger an appraisal requirement.

Fannie Mae also reduced some eligibility requirements for its Desktop Underwriter Refi Plus program. Borrowers with loan-to-value ratios of 80 percent or less will no longer be subject to a minimum credit score of 580 and adjustable-rate mortgage holders with loan-to-value ratios of 80 percent or less will no longer be subject to a minimum credit score of 680.

Fannie Mae representative Brian Faith said the changes would let “potentially millions of current mortgage holders” take advantage of low interest rates currently available. However, Derek Chen, an analyst at Barclays Capital Inc., believes the changes will have a minimal impact, only amounting to the automation of existing underwriting standards. According to Carla Bandy, a senior underwriter at Everett Financial, it is too early to determine the impact the changes will have. “If you have a Fannie loan and are trying to refinance, there’s probably a comfort level because they already have you in a loan and you’ve made your payments,” said Bandy. “I don’t know if our investors will go along with that because they often put on their own overlays [in addition to what Fannie Mae requires].”
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Old 03-11-2009, 08:27 AM
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LACKLAND27 LACKLAND27 is offline
 
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More good news for the appraisal industry. I can only hope it all blows up in the their faces, since this time they won't have us to blame!
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  #3  
Old 03-11-2009, 11:13 AM
Cliff Cliff is offline
 
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Are you kidding me..........
  #4  
Old 03-11-2009, 11:20 AM
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George Hatch George Hatch is offline
 
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This has been around for a while, ya?

I don't know about other regions, but in my region the policy is meaningless. Struggling borrowers in this region who have LTVs of 80% or less of what an AVM would support are fewer than hen's teeth. Moreover, I reckon most of the secondary market investors have their own ideas about due diligence right about now.
  #5  
Old 03-11-2009, 11:53 AM
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Don Clark Don Clark is offline
 
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Quote:
Originally Posted by George Hatch View Post
This has been around for a while, ya?

I don't know about other regions, but in my region the policy is meaningless. Struggling borrowers in this region who have LTVs of 80% or less of what an AVM would support are fewer than hen's teeth. Moreover, I reckon most of the secondary market investors have their own ideas about due diligence right about now.
Same here George. Ever since that waste of paper came out I have busier than a 1 legged tap dancer. Averaging 2-3 orders a day. not bragging, just hope to hell it keeps up.
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  #6  
Old 03-11-2009, 01:20 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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They are backed by the taxpayer now. They don't need to worry about risk as long as they can afford lobbyists.
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  #7  
Old 03-11-2009, 04:45 PM
TJSum TJSum is offline
 
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Quote:
Originally Posted by LACKLAND27 View Post
More good news for the appraisal industry. I can only hope it all blows up in the their faces, since this time they won't have us to blame!
If they have not been scared straight by now, I doubt if they will ever see the light. But I agree with the others, the investors will have the final word on this.
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