Appraisal Waiver (Explosion)

[ramrcdk]

Mejappz "pick" another word description other than : Fraud.

 

[glenn walker]

Fannie Waivers allow Principal residences and second homes up to 90% LTV/CLTV

 

[glenn walker]

Fannie Waivers allow Principal residences and second homes up to 90% LTV/CLTV

Don't be angry its not as crazy as wasting a borrowers money on a VA-appraisal at $600.00 bucks in CA for a property that is automatically upside down by as much as 7% to 10% at close of escrow. If that Vet has to move in a year or two it has to have gone up by at least 10% to get out and that was assuming the original appraisal wasn't over-inflated and many are - So A SP-$500K-Sales commission 5% plus escrow title etc=Net-$28,000 = Vet either comes up with difference or sends VA a nice Dear John Letter- On A Fannie-Freddie 99%-95% loan similar scenarios. So in reality an-appraisal is not worth the paper its written on. And if we even see a 5% decline in prices we have millions of homes in my area which have all been cashed out numerous times over the last 5 years during a Real Estate Bull Market. REPEAT AFTER ME- "Wash-Rinse-Repeat" because it's all part of the game - And then we can become REO experts again

 

[ramrcdk]

Don't be angry its not as crazy as wasting a borrowers money on a VA-appraisal at $600.00 bucks in CA for a property that is automatically upside down by as much as 7% to 10% at close of escrow. If that Vet has to move in a year or two it has to have gone up by at least 10% to get out and that was assuming the original appraisal wasn't over-inflated and many are - So A SP-$500K-Sales commission 5% plus escrow title etc=Net-$28,000 = Vet either comes up with difference or sends VA a nice Dear John Letter- On A Fannie-Freddie 99%-95% loan similar scenarios. So in reality an-appraisal is not worth the paper its written on. And if we even see a 5% decline in prices we have millions of homes in my area which have all been cashed out numerous times over the last 5 years during a Real Estate Bull Market. REPEAT AFTER ME- "Wash-Rinse-Repeat" because it's all part of the game - And then we can become REO experts again

Okay ! ""Wash-Rinse-Repeat"
My emoji = I'm not really angry. I am allergic to word "waiver". Get hives when I see a word like Hybrid. ( Kidding!, sorta' )

California : was not aware of the market. Was aware of the Fires. Very Sad.
SC & NC : we are booming with economic growth. Housing can't be built fast enough & especially Median ++ Price.
Come on OVER !!!!

 

[djd09]

You may not need an appraisal!
Fannie and Freddie have both greatly expanded the use of Property Inspection Waivers (PIWs). If they have sufficient data on your property (including an appraisal done during the past 10 years), you may not need an appraisal, saving time, uncertainty, and money. And yes, PIWs are available for purchases and refinances, even cash out or investment property refinances! When originators run loans through Fannie or Freddie's underwriting engines, the results show whether an appraisal is required or not.

Thinking Refi? Read this First !

With rates near all-time lows, millions of homeowners are frantically refinancing. Borrowers often think the only pertinent question is “how much can I drop my rate?”, when there’s other as (or more) important factors involved. Let’s...

www.mortgagenewsdaily.com

they are happy.

 

[Non Sequitur]

If the 1004P ever gets out of the pilot phase waivers and bifurcated reports will take most of the volume away from ’traditional’ 1004s. And I’m not surprised to see the numbers, this has been in the making for a long time.

 

[djd09]

updated 5/23/2006 5:15:47 PM ET

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WASHINGTON — Senior executives at Fannie Mae manipulated accounting to collect millions of dollars in undeserved bonuses and to deceive investors, a federal report charged Tuesday. The government-sponsored mortgage company was fined $400 million.

The blistering report by the Office of Federal Housing Enterprise Oversight, the result of an extensive three-year investigation, was issued as Fannie Mae struggled to emerge from an $11 billion accounting scandal. Also Tuesday, the housing oversight agency and the Securities and Exchange Commission announced a $400 million civil penalty against Fannie Mae in a settlement over the alleged accounting manipulation.

Report: Fannie Mae manipulated accounting

Senior executives at Fannie Mae manipulated accounting to collect millions of dollars in undeserved bonuses and to deceive investors, a federal report charged Tuesday. The government-sponsored mortgage company was fined $400 million.

www.nbcnews.com

i'm sure they are all reformed risk takers now in their 700 million dollar glass building on 15th st.

safe and sound left the building a long time ago. Right around the time of the unconstitutional coumo-fannie back room deal.

 

[Mejappz]

You may not need an appraisal!
Fannie and Freddie have both greatly expanded the use of Property Inspection Waivers (PIWs). If they have sufficient data on your property (including an appraisal done during the past 10 years), you may not need an appraisal, saving time, uncertainty, and money. And yes, PIWs are available for purchases and refinances, even cash out or investment property refinances! When originators run loans through Fannie or Freddie's underwriting engines, the results show whether an appraisal is required or not.

Thinking Refi? Read this First !

With rates near all-time lows, millions of homeowners are frantically refinancing. Borrowers often think the only pertinent question is “how much can I drop my rate?”, when there’s other as (or more) important factors involved. Let’s...

www.mortgagenewsdaily.com

they are happy.

And they used your hard work for all these years to accomplish it.

 

[Mejappz]

If the 1004P ever gets out of the pilot phase wavers and bifurcated reports will take most of the volume away from ’traditional’ 1004s. And I’m not surprised to see the numbers, this has been in the making for a long time.

I believe the 1004P has been retired or is soon to be. The GSEs have put out some new forms. They're most than likely in your forms library—lipstick on a Pig.

 

[Non Sequitur]

I believe the 1004P has been retired or is soon to be.

Still an active product. The 1004P pilot program is more of a process than a form (the inspection part may or may not lead to a desktop appraisal). And per a source who is part of the pilot, Fannie is set to move out of the pilot phase into national use in the next 6 months or so. Could be wrong, another person I chatted with said there are still integration/software issues to be worked out. I'm on the fence about the timing but have no doubts, the bifurcation process isn't going away.

The GSEs have put out some new forms. They're most than likely in your forms library—lipstick on a Pig.

Other than the 1004P form and COVID related addendums, etc., what new forms? Last I read the GSEs were working on a digital format as opposed to a form based system. Here's a recent thread (see post 10): https://appraisersforum.com/forums/threads/fnmae-form-changes.226484/