1004 Desktop: Subject 3-photo Page

[Dale Floyd]

That door is already wide open, and has been for a long time.

Freddie Mac Single-Family Seller/Servicer Guide

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View attachment 61191

Restrictions on trainees doing appraisals originate with the lenders, not the GSEs

Respectfully Danny - That’s not what your peer at Fannie Mae said in the TAC meeting. And we all know Freddie follows his older sister Fannie.

Even if true, one would think the GSEs could have come up with something completely different in personality like encouraging their investors to let us run our own businesses. Spending horrid amounts of money to enact a whole new form seems more extreme than than simply altering the certifications of an existing form.

 

[DWiley]

Respectfully Danny - That’s not what your peer at Fannie Mae said in the TAC meeting. And we all know Freddie follows his older sister Fannie.

Even if true, one would think the GSEs could have come up with something completely different in personality like encouraging their investors to let us run our own businesses. Spending horrid amounts of money to enact a whole new form seems more extreme than than simply altering the certifications of an existing form.

I was unable to attend the TAC meeting, so I do not know what was said. However, the Fannie Policy is posted publicly:

B4-1.1-03, Appraiser Selection Criteria (10/05/2022)

selling-guide.fanniemae.com

As for "new forms" I suppose you are referring to the new UAD - which is not new forms, but is a new way to report using a data set rather than forms.

 

[JTip]

I don’t think it’s unreasonable to think, given the pace of the technology, that in 5 years floorplans will be as standard as photos in listings. They are already standard in many areas. CC is charging $40, but when there’s 20 competitors providing similar products the cost will come down. At some point it’ll just be $5/month for unlimited floorplans or something. Maybe the MLS will even require it.

With commissions dropping, do you really think agents are going to provide DETAILED (for the lenders needs) floor plans? Do you think local associations are going to make floor plans MANDATORY, even pushing an MLS fine for non compliance? Agents can barely put in the correct GLA. Now you want to tell them that, along with photos/disclosures/etc, they are required to provide a floorplan. It can't be hand drawn, so go out and buy some software and if you upload an incorrect floor plan you will get fined until you get it right.

Never.....gonna....happen.....

 

[CGinMN]

I’m not saying it’s gonna happen within 5 years, or ever, but never say never. Again, eventually there will be so much competition, the cost and time to generate a floorplan will be negligible. Heck, I imagine someday you can scan your whole home with your phone in 10 minutes and create a detailed 3D tour. No more need for professional photos or expensive 3D tours, the agent or homeowner can do it all.

 

[djd09]

I was unable to attend the TAC meeting, so I do not know what was said. However, the Fannie Policy is posted publicly:

B4-1.1-03, Appraiser Selection Criteria (10/05/2022)

selling-guide.fanniemae.com

View attachment 61210

As for "new forms" I suppose you are referring to the new UAD - which is not new forms, but is a new way to report using a data set rather than forms.

Appraiser Certifications

2. I performed a completed a visual inspection of the interior and exterior of the subject property


no modifications, additions, or deletions are allowed

 

[Terrel L. Shields]

given the pace of the technology, that in 5 years floor plans will be as standard as photos in listings. They are already standard in many areas.

where? I just have some new construction sales that have 1 photo...that's it...and I am wondering if they are even right. Zero interior or rear view. Why does anyone think Realtors will thoughtfully includes floor plans etc.? And there are already lawsuits over Realtors using floor plans that are copyrighted materials.

However, unlicensed or uncertified appraisers and appraiser trainees are not allowed to do only the inspection,
as Fannie Mae’s appraisal report forms identify the Appraiser as the individual who:

 personally inspect the property being appraised,

published by the Department of Redundancy Department

Fannie Policy is posted publicly:

That's fannie's policy but how many lenders still demand something different? 20%? 40%? 80%....I would opt for a higher number over a lower one...but I've been out of that loop for sometime

 

[djd09]

published by the Department of Redundancy Department

Selection of the Appraiser​

The lender is responsible for the selection of appraisers and for the qualifications and quality of work provided by the appraisers that are selected;

B4-1.1-03, Appraiser Selection Criteria (10/05/2022)

selling-guide.fanniemae.com

until the borrower complains, redundant doublethink, yes

 

[shrubberyvaluation]

where? I just have some new construction sales that have 1 photo...that's it...and I am wondering if they are even right. Zero interior or rear view. Why does anyone think Realtors will thoughtfully includes floor plans etc.? And there are already lawsuits over Realtors using floor plans that are copyrighted materials.

published by the Department of Redundancy Department

That's fannie's policy but how many lenders still demand something different? 20%? 40%? 80%....I would opt for a higher number over a lower one...but I've been out of that loop for sometime

And then when you don't include that cape COD 2nd story because ANSI or other things FNMA wants it raises those gross percentages when there is really no difference, or minimal difference.

 

[Terrel L. Shields]

And then when you don't include that cape COD 2nd story because ANSI or other things FNMA wants it raises those gross percentages when there is really no difference, or minimal difference.

It is a form problem as well as a "Bracketing" issue that UWs will be dumber a box of rocks on....FNMA seems to forget appraisers have to run the gamut of goobers from the AMC and bank before getting to them.

 

[Dale Floyd]

I’m 100% for allowing a divided process, as it always should have been, but let’s be very clear and just say the truth…..

If any of the GSEs really wanted more efficient appraisals - or wanted to help the process be faster - they would have promoted that wide open door of the trainee model instead of creating something that promotes and encourages outsiders doing inspections.

I’m sure somebody will attempt to say differently, but it is what it is.