Fannie Mae Pud Definition

[Tim Hicks (Texas)]

Fannie Mae can change their definition of a PUD any time. They update their selling guide every three months now. Yet, they do not. Following the selling guide that gets thrown in our face by underwriters make me a purist?

 

[andrew81]

love this thread. to the purists hear who live by strict reading of this guideline, what do you do with the current FNMA appraisal that says "summary appraisal report" at the top when we are doing an "appraisal report" as stated by USPAP. as they say in animal farm "all guidelines are equal, but some guidelines are more equal".

Standards Rule 2-2

Comment: When the intended users include parties other than the client, an Appraisal Report
must be provided. When the intended users do not include parties other than the client, a
Restricted Appraisal Report may be provided.

The essential difference between these two options is in the content and level of information
provided. The appropriate reporting option and the level of information necessary in the
report are dependent on the intended use and the intended users.
An appraiser must use care when characterizing the type of report and level of information
communicated upon completion of an assignment. An appraiser may use any other label in
addition to, but not in place of, the label set forth in this Standard for the type of report
provided.

 

[Tom D]

Standards Rule 2-2 An appraiser may use any other label in addition to, but not in place of, the label set forth in this Standard for the type of report
provided.

it's good to have a USPAP'er in every thread. i hope the purists are putting the words "this is an appraisal report" somewhere in their report as stated by this more better standard. my concern was to those who were not. i can''t decide which side i like better in this thread. i agree with both, but i can't see being 100% either way.

 

[Tom D]

timd guy, you are arguing with the "purists" on this thread. does not matter if found guilty, you are guilty for not following the letter of the wording.

and residential guy, did USPAP "grant" an exception to the wording "summary appraisal report". i haven't read that anywhere.

apparently USPAP has said you can have both "terms" on the report. i'm on a roll with mistakes this month.

 

[residentialguy]

timd guy, you are arguing with the "purists" on this thread. does not matter if found guilty, you are guilty for not following the letter of the wording.

and residential guy, did USPAP "grant" an exception to the wording "summary appraisal report". i haven't read that anywhere.

Where did I say that USPAP granted an exception to the wording "summary appraisal report"? I never said that. You should have that in your additional comments to be USPAP compliant, which FNMA said was OK.

 

[Tom D]

Where did I say that USPAP granted an exception to the wording "summary appraisal report"? I never said that. You should have that in your additional comments to be USPAP compliant, which FNMA said was OK.

you missed my apology above your post? mr residential guy, i repeat my misunderstanding & apologize.

 

[residentialguy]

you missed my apology above your post? mr residential guy, i repeat my misunderstanding & apologize.

I didn't see that...My apology, as well.

 

[residentialguy]

timd guy, you are arguing with the "purists" on this thread. does not matter if found guilty, you are guilty for not following the letter of the wording.

You can do your report how you want Tom. Just keep in mind, words matter, including that on the form you use. FNMA loves to say one thing and have closed door meetings saying another thing. Would you sign the divorce paper if it said all your assets go to her and she says, "what I really mean is just the car". Would you sign it?

 

[BRCJR]

Sometimes, you need to use a little common sense even if the definition is not as tight as it should be. I can tell you that when I worked for Freddie that we would have expected to see the box checked in that situation.

Does Freddie have their own definition?