Collateral Underwriter (CU)

[BarrySW1963]

....
Are they not breaking their own intend use of the appraisal by using it as a review tool instead of "the intended use of this report is for the client/lender to evaluate the property that is the subject of this appraisal for a mortgage finance transaction."?

That is a good question, too.

 

[residentialguy]

Intended use doesn't affect them. Intended use is to protect us from non intended uses so that we are not held liable. Of course their double edged self serving Certs blow that all to shreds

 

[Doug in NC]

I just received what I'm guessing is a CU revision request. One of the biggest beefs from this review seemed to be that I didn't "properly" identify my neighborhood with the appropriate North, South, East, and West barriers. This AMC didn't use this crap system last year. I predict a fee increase for having to deal with this technicality BS.

 

[TRESinc]

I just received what I'm guessing is a CU revision request. One of the biggest beefs from this review seemed to be that I didn't "properly" identify my neighborhood with the appropriate North, South, East, and West barriers. This AMC didn't use this crap system last year. I predict a fee increase for having to deal with this technicality BS.

the N/S/E/W is a CU/Fannie requirement, not an AMC/Lender requirement.

 

[Dublin ohio]

I just received what I'm guessing is a CU revision request. One of the biggest beefs from this review seemed to be that I didn't "properly" identify my neighborhood with the appropriate North, South, East, and West barriers. This AMC didn't use this crap system last year. I predict a fee increase for having to deal with this technicality BS.

Doubt if it is a CU requirement. Almost all of the clients I deal with (whether they use an AMC or not) require directional boundaries for neighborhood

My bad. It is a CU requirement. The following is from Appendix D

Neighborhood Boundaries
The appraiser should provide an outline of the neighborhood boundaries, which should be clearly delineated using ‘North’, ‘South’, ‘East’, and ‘West’. These boundaries may include but are not limited to streets, legally recognized neighborhood boundaries, waterways, or other natural boundaries that define the separation of one neighborhood from another. Appraisers should not reference a map or other addendum as the only example of the neighborhood boundaries

 

[normando]

I just received what I'm guessing is a CU revision request. One of the biggest beefs from this review seemed to be that I didn't "properly" identify my neighborhood with the appropriate North, South, East, and West barriers. This AMC didn't use this crap system last year. I predict a fee increase for having to deal with this technicality BS.

You've been lucky you got away without using directions in your neighborhood boundaries. It's a hassle when directions boundaries are Northwest, Southeast, etc.

 

[DWiley]

That is an interesting concept. Can a minority high volume appraisers dictate the machine in certain areas.

Are they not breaking their own intend use of the appraisal by using it as a review tool instead of "the intended use of this report is for the client/lender to evaluate the property that is the subject of this appraisal for a mortgage finance transaction."?

The intended use statement in an appraisal report is to reflect the intent of the appraiser, not the client.

 

[djd09]

fannie wrote the line not the appraiser. Oh that's right dependent fannierules.

 

[Tom D]

You've been lucky you got away without using directions in your neighborhood boundaries. It's a hassle when directions boundaries are Northwest, Southeast, etc.

omg, 100 yrs in this business. are you writing nw, se. i never tried that. probable won't, but that thought never crossed my maps. and i do have parts of the city known as north, northeast, south, southwest. there is a debate in my head when the boundaries are that way. maybe that would explode CU.

 

[DWiley]

I predict a fee increase for having to deal with this technicality BS.

I am just trying to figure out how I would react if a professional service provider told me that he/she was going to have to charge more if I expected him/her to comply with professional standards that have been in place for several years now

Based on my conversations with software providers and looking at my own data, over 15% of reports that require UAD still have UAD errors in them. That is amazing to me given all the UAD seminars that were offered, the UAD checking systems in forms software and all the UAD material that is readily available.

The requirement to specifically state north, south, east, west has been a UAD requirement since it first rolled out back in 2011. I still have the books from all those seminars I taught that summer.