Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Fannie Mae, Freddie Mac, USPAP
Register Help Our Rules Calendar Archives Mark Forums Read


View Poll Results: Have you had to defend work over 2 years old from a GSE?
Yes (or Yes, but it feels good to be busy again) 7 8.75%
No (or No, I'm David and don't do lending work) 73 91.25%
Voters: 80. You may not vote on this poll

Closed Thread
 
Thread Tools
  #1  
Old 09-15-2009, 04:31 PM
JSmith43's Avatar
JSmith43 JSmith43 is offline
 
Join Date: May 2003
State: California
Professional Status: Certified General Appraiser
Posts: 16,693
Default GSE Forensic Appraisal Reviews

Got a call from an appraiser that had an appraisal "selected" for forensic review due to a Fannie/Freddie loss via short sale. To me, it looks like a game of 20-20 hindsight being applied, but I bet they will nail a few bad guys during the carpet bombing of everyone even vaguely associated with $$ losses.

Of course, the poll will be flawed. But, I'm still going to sally forth.
__________________
Vote CAN & PP's tribe off the island, Nov. 4th!
Sponsored Links

  #2  
Old 09-15-2009, 05:08 PM
JSmith43's Avatar
JSmith43 JSmith43 is offline
 
Join Date: May 2003
State: California
Professional Status: Certified General Appraiser
Posts: 16,693
Default

The recent call I got from the appraiser was due to a GSE repurchase request to the originating entity. They told him all about why they needed additional report information to rebut. I have never worked for this lender, in case anyone is curious.

I suggested he contact his E & O carrier before volunteering to "help" at this point, since it is a transaction that was consummated several years ago, IMO. If anyone disagrees with this advice, please share your thoughts on the matter.

In a way, it sounds like there was a review like the one that happened to Kevin M recently. You know, the one where the reviewer volunteered (for extra credit, presumably) that he found a DIRECT USPAP VIOLATION
__________________
Vote CAN & PP's tribe off the island, Nov. 4th!
  #3  
Old 09-15-2009, 06:15 PM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
Join Date: Sep 2003
Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
Posts: 28,115
Default

and the poll would be .......................where? ahhhhhh I found it wayyyy up top. who knew?


__________________
Kill the Contract Review Bull$eye - Now.
  #4  
Old 09-16-2009, 08:03 AM
DWiley DWiley is offline
 
Join Date: Apr 2007
Location: Nashville, TN
State: Tennessee
Professional Status: Certified Residential Appraiser
Posts: 2,893
Default

Quote:
Originally Posted by Mentor View Post
The recent call I got from the appraiser was due to a GSE repurchase request to the originating entity.
Our state board is being absolutely swamped with appraisal complaints that are the result of the a lender getting a repurchase notice from a GSE.
__________________
"Copyright does not protect facts, ideas, systems, or methods of operation... "
  #5  
Old 09-16-2009, 09:42 AM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is online now
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 40,346
Default

The GSEs are sending out these repurchase notices carta blanche. They don't know, and they don't care whether the appraisal is sound. Before the crisis, one of my clients had a UW and Appraiser meeting. One smart aleck appraiser (who was recently spanked by Oklahoma) claimed to be one of those fannie mae "forensic" appraisers. He claimed there in the meeting that "I can find a USPAP violation in anyone's report..." He was the hit of the party for sure. Bigprick...imho.
__________________
Sometimes you have to know when to stop beating a dead horse-Baxter Black
.
  #6  
Old 09-16-2009, 09:54 AM
JSmith43's Avatar
JSmith43 JSmith43 is offline
 
Join Date: May 2003
State: California
Professional Status: Certified General Appraiser
Posts: 16,693
Default

Quote:
One smart aleck appraiser (who was recently spanked by Oklahoma) claimed to be one of those fannie mae "forensic" appraisers. He claimed there in the meeting that "I can find a USPAP violation in anyone's report..."
When those young undercover reporters get through stinging Acorn, maybe they can infiltrate this party as a skippy reviewer and her AMC manager?

I certainly hope that was an isolated instance of a rouge reviewer. The best revenge would be for Fannie & Freddie to have a secret department that reviews the reviewers a good 10% of their time. Recording and analyzing their semi-public comments might be fair game.
__________________
Vote CAN & PP's tribe off the island, Nov. 4th!
  #7  
Old 09-16-2009, 10:07 AM
DWiley DWiley is offline
 
Join Date: Apr 2007
Location: Nashville, TN
State: Tennessee
Professional Status: Certified Residential Appraiser
Posts: 2,893
Default

Quote:
Originally Posted by Mentor View Post
The best revenge would be for Fannie & Freddie to have a secret department that reviews the reviewers a good 10% of their time. Recording and analyzing their semi-public comments might be fair game.
Fannie does, from time to time, ask a reviewer to look at both an appraisal report and an appraisal review done on that report, and to opine on the quality of both. I was not aware that was a secret.
__________________
"Copyright does not protect facts, ideas, systems, or methods of operation... "
  #8  
Old 09-16-2009, 10:35 AM
JSmith43's Avatar
JSmith43 JSmith43 is offline
 
Join Date: May 2003
State: California
Professional Status: Certified General Appraiser
Posts: 16,693
Default

Well, yes, my post was hastily worded I hope the GSE's have quality control programs that include reviewers and reviewers of reviewers, for that mater.

Poll results so far: 19 have voted No, they have not had to defend their work (due to a GSE repurchase) and zero have had to defend.

I wonder if it means the AF posters are pure as the driven snow? Perhaps there is a reluctance to vote yes, fearing that somehow the vote is not secret (even though I did not select the "make results public" option?

Danny & Terrell, thanks for the posted info. The poll results alone leave me scratching my head.

I know there are repurchases being forced on lenders all over the place and it works it's way down the food chain to give us really nervous underwriters. It is nice to have confirmation that a parallel purge of appraisers is also under way & not just my imagination (as the poll results to date suggest).
__________________
Vote CAN & PP's tribe off the island, Nov. 4th!
  #9  
Old 09-16-2009, 10:45 AM
DWiley DWiley is offline
 
Join Date: Apr 2007
Location: Nashville, TN
State: Tennessee
Professional Status: Certified Residential Appraiser
Posts: 2,893
Default

Quote:
Originally Posted by Mentor View Post
I know there are repurchases being forced on lenders all over the place....
I have worked on several of these cases. The findings have been highly variable.

In one, the repurchase was based on the lender creating fraudulent income docs. The lender turned the appraisal report into the state, ostensibly to show that the lender was not solely to blame.

In anothe one, a home had been listed for 9 months at prices ranging from $800,000 to $750,000. The lender did a refinance based on an appraisal of $1,800,000. The appraisal was done one week after the listing was withdrawn from the MLS.
__________________
"Copyright does not protect facts, ideas, systems, or methods of operation... "
  #10  
Old 09-16-2009, 11:18 AM
CANative's Avatar
CANative CANative is offline
 
Join Date: Jun 2003
Location: Ukiah, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 46,941
Default

I've never had to defend my work to anyone. Maybe it's because my area is so rural no one knows about it... yet.
__________________
You have been removed from this discussion.
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 08:24 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93