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  #1  
Old 09-25-2009, 08:32 AM
Lukasz123us Lukasz123us is offline
 
Join Date: Feb 2008
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Default Fannie and Freddie

Trying to get on fannies list but still waiting. I know they use ap. Does Freddie order appraisals. If so how do you sign up.
Thanks in adbance.
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Old 09-25-2009, 08:50 AM
Restrain Restrain is offline
 
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Freddie does BPOs only.
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Old 09-28-2009, 07:45 PM
Jacqueline Doty Jacqueline Doty is offline
 
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Default Correction

Quote:
Originally Posted by Restrain View Post
Freddie does BPOs only.
For the record, the statement that Freddie Mac only does BPOs is not accurate.
  #4  
Old 09-28-2009, 07:58 PM
Offshore Offshore is offline
 
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Ms. Doty are you at liberty to say who places REO orders for Freddie Mac when they order appraisals?
  #5  
Old 09-29-2009, 12:50 AM
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VolcanoLvr VolcanoLvr is offline
 
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Default

Also, can you state how appraisal report review assignments are handled?

Is it up to the Lender to order them, or does your agency make that request and contract with appraisers directly?

Per the HVCC, approximately 10% of all appraisals must be reviewed.
  #6  
Old 09-29-2009, 07:33 PM
Jacqueline Doty Jacqueline Doty is offline
 
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Quote:
Originally Posted by Dave Towne View Post
Also, can you state how appraisal report review assignments are handled?

Is it up to the Lender to order them, or does your agency make that request and contract with appraisers directly?

Per the HVCC, approximately 10% of all appraisals must be reviewed.

Under the HVCC, the lender orders the reviews for 10% sample.
  #7  
Old 09-29-2009, 08:02 PM
TJSum TJSum is online now
 
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Quote:
Originally Posted by Jacqueline Doty View Post
Under the HVCC, the lender orders the reviews for 10% sample.
Ms. Doty, is there a minimum standard for these "reviews"? At times we see ads from AMCs for review appraisers, stating the expected number of reviews to be completed were 6 per hour, etc. There seems to be dozens of levels for review products. And of course, AVMs can do a type of review as well. What level of review counts towards that 10%?
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Last edited by TJSum : 09-29-2009 at 08:08 PM.
  #8  
Old 09-29-2009, 09:09 PM
Jacqueline Doty Jacqueline Doty is offline
 
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Quote:
Originally Posted by TJSum View Post
Ms. Doty, is there a minimum standard for these "reviews"? At times we see ads from AMCs for review appraisers, stating the expected number of reviews to be completed were 6 per hour, etc. There seems to be dozens of levels for review products. And of course, AVMs can do a type of review as well. What level of review counts towards that 10%?
Lender's may select among several options in their contract so it varies by lender according to their business model. Generally there is a mix of desk reviews and field reviews. An AVM is typically used to select a target sample, not to perform the review.
  #9  
Old 09-29-2009, 10:45 PM
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PropertyEconomics PropertyEconomics is offline
 
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Do Fannie and Freddie have any staff reviewers whose job is doing nothing but reviewing portfolio loans to find out which lenders are doing their jobs and which arent? Fannie and Freddie could carry a very big stick in the regulation of poorly prepared appraisals if they would but step in and say ... these reports are unacceptable and you should have reviewed them prior to selling the loan to us. Banks are scared of auditors maybe lenders should be afraid of Fannie / Freddie reviewers.
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