Collateral Underwriting Appraisal Messages

[Meandering]

IF CU doesn't read the appraiser's commentary, why are they asking for the appraiser to add more comments?


IF the UW is supposed to read the reports, to verify the CU as having legitimate deficiencies with the appraisal reports, but aren't and are just forwarding all to the AMCs,


And if the AMCs are not reading the reports to verify the CU as having legitimate deficiencies with the appraisals and are just forwarding them back to the appraiser for additional comments,


And the appraiser adds comments and sends them to the AMCs who sends them to the lenders, are we then,


hoping the underwriter will now read the report to verify if there is/was a deficiencies and will clear it with the CU?


Or are they just forwarding them back to Fannie without clearing the deficiencies so that by the end of the year you will have a bunch of deficiencies in Fannie's file, and will then start having problems with Fannie?

 

[Evincere]

IF CU doesn't read the appraiser's commentary, why are they asking for the appraiser to add more comments?


IF the UW is supposed to read the reports, to verify the CU as having legitimate deficiencies with the appraisal reports, but aren't and are just forwarding all to the AMCs,


And if the AMCs are not reading the reports to verify the CU as having legitimate deficiencies with the appraisals and are just forwarding them back to the appraiser for additional comments,


And the appraiser adds comments and sends them to the AMCs who sends them to the lenders, are we then,


hoping the underwriter will now read the report to verify if there is/was a deficiencies and will clear it with the CU?


Or are they just forwarding them back to Fannie without clearing the deficiencies so that by the end of the year you will have a bunch of deficiencies in Fannie's file, and will then start having problems with Fannie?

I think you have just summarized a bureaucracy's definition of job security.

http://www.marketwatch.com/investing/stock/FNMA

 

[Meandering]

Oh man

This is too much for my tiny blonde brain.

Maybe I'll sit in the closet until Fannie's hard drive frys.

 

[MikeinLA]

Most of these items don't worry me. I am a bit concerned about reporting a different lot size than my peers, because I take them right off the recorded plat while the public record is always just a few few feet off (6,749 instead of 6,750 on the plat). Oh well, I need to retire anyway.

 

[timd354]

I have 3 appraisals going in this week. Super excited to be compared to my peers on 2 of them. 1st one has a comp that was rebuilt from a fire in 2010. It's in area of homes built in 1975. All my comps are C4 and this one is not marked C4 but C2/C3 (for arguments sake) due to if you called the realtor you found out was re-built. Does not say this in MLS. So I will be the one with a poor appraisal.

#2 -- Comp using MLS says 2 car garage and would have no idea it isn't unless inspected house. I previously appraised house so have a slightly different GLA than MLS and has 3 car garage. My peers will all have different info than me. Once again, I have the poor appraisal.

#3 -- This one will look bad when judged by software program. Retimrement community. I have all comps within community (golf course/rec etc) CU will say it's bad appraisal because it chose comps outside PUD.

Sincerely: a high risk appraiser.

Instead of bitching and moaning, if you explain everything you just posted here in your appraisal report, then you will be just fine.

 

[timd354]

Just got a condition message from my client. "The quality rating for comparables #2 and 4 are materially different than what has been reported by other appraisers. Please update or comment."
I guess they are having a hard time to deal with CU system.

That message would not have fired in CU unless a majority of other appraisers had rated those comps with a different quality rating than you. That being said, it does not mean that they are correct and you are incorrect. You should simply provide an explanation of why you rated those comps with whatever quality rating you chose, referencing the DU definitions for that particular quality rating

 

[timd354]

IF CU doesn't read the appraiser's commentary, why are they asking for the appraiser to add more comments?


IF the UW is supposed to read the reports, to verify the CU as having legitimate deficiencies with the appraisal reports, but aren't and are just forwarding all to the AMCs,


And if the AMCs are not reading the reports to verify the CU as having legitimate deficiencies with the appraisals and are just forwarding them back to the appraiser for additional comments,


And the appraiser adds comments and sends them to the AMCs who sends them to the lenders, are we then,


hoping the underwriter will now read the report to verify if there is/was a deficiencies and will clear it with the CU?


Or are they just forwarding them back to Fannie without clearing the deficiencies so that by the end of the year you will have a bunch of deficiencies in Fannie's file, and will then start having problems with Fannie?

Like any other tool, CU will be utilized correctly by some lenders who are well aware of its strengths and limitations and will be misused by other lenders who have no clue

 

[Meandering]

Like any other tool, CU will be utilized correctly by some lenders who are well aware of its strengths and limitations and will be misused by other lenders who have no clue

Thank you Tim,

Considering what you posted, does it then follow that if the lender sucks at doing their job with the CU, some appraisers who have "done it right" will still suffer negative rating from Fannie, as it's the appraiser who is reliant upon the lender to do their part?

 

[djd09]

now we need to use their rating system and then defend it. get reviewed by a system that we cannot see. comment why your data is different for free. and do it with a smile.

 

[kevco]

now we need to use their rating system and then defend it. get reviewed by a system that we cannot see. comment why your data is different for free. and do it with a smile.

Of course! What did you expect? They know appraisers will work for free. They have been doing it for a long time. Why wouldn't they take advantage of that?