Freddie Mac vs Appraiser Bias

[djd09]

might as well let the scum bag mortgage brokers select comps too

 

[djd09]

once you figure out the revaa, fannie, and taf are next door neighbors on 15th st, it all makes sense

 

[glenn walker]

next they will whine about the comparable sale selection and they will provide selected sales to you which they can because its not in USPAP

USPAP has no control. The bottom line is a loan production appraiser has never created a scope of work..his business is restricted by engagement letter and agencies guidelines.

 

[Sadie]

Again, that is system dependent. The system I had could take an XML file with a trainee signature with no problem. It is not about the use of XML, it is about the system rules that analyze the XML content. There are lots of XML files in the UCDP with trainee signatures. Several dozen have been submitted today.

Maybe because 99% of my clients use Fannie and not Freddie, that may be where the disconnect is. The consistent error message I got was the appraiser could not be verified. Nothing I could do to change that.

 

[DWiley]

Maybe because 99% of my clients use Fannie and not Freddie, that may be where the disconnect is. The consistent error message I got was the appraiser could not be verified. Nothing I could do to change that.

All I am saying is that it is NOT an XML, Fannie or Freddie issue. Both Fannie and Freddie ingest XML reports signed by trainees every day.

Any "blocker" is in the system that the lender and/or AMC uses, and it has nothing to do with using MISMO XML

 

[Tiffany Gibbons]

Even on other FNMA forms like the 1004's we make some assumptions with the MLS Comps and accompanying exterior interior photos and what ever little bit of drivel they say in the remarks section. Usually in the remarks they Puff. Now they even use professional interior virtually staged and enhanced photos.

I have no issue with desktop type assignments with one exception. I refuse to prostitute myself with fee like a street walker does in the early we hours.

I have said this before and will say again. The first casualty because of fee and turn time pressure of a desktop is the work file. I just can not compete.

You are exactly right especially with regard to the "staged" and enhanced photos. I have gone inside houses and had to double check to make sure I was in the right house due to some fantastic enhancements in the MLS photos, including "views" outside the windows. And new attitude seems to be "work file"? What's that now? Yeah, I'm sure the TREAC won't be sanctioning disciplinary letters to the Grub Hub drivers and aluminum can collectors, or realtors that have only sold 1 house that happens to be their parent's old house, just appraisers.

 

[Tiffany Gibbons]

Probably because they would charge more.

Or not impact the appraiser's fees as much as they are hoping like they are trying to push to the lenders. Upside seems to be reputable longtime local lenders are not going for it like F & F had hoped. And F & F don't always get what they want. Remember that little hundred dollar fee they were trying to tack on for refinances when rates were down. Nope.

 

[Sadie]

All I am saying is that it is NOT an XML, Fannie or Freddie issue. Both Fannie and Freddie ingest XML reports signed by trainees every day.

Any "blocker" is in the system that the lender and/or AMC uses, and it has nothing to do with using MISMO XML

As of 10/21, appraiser not having a valid certification was a hard stop. Period. My trainee was certified by then so it made no difference to us.

 

[glenn walker]

Maybe because 99% of my clients use Fannie and not Freddie, that may be where the disconnect is. The consistent error message I got was the appraiser could not be verified. Nothing I could do to

 

[glenn walker]

That's not possible for you to know unless you are employed inside a lender on the side that sells loans to FANNIE or Freddie. WHY ? they typically do not fund loans and only purchase or insure and you are not engaged with them as a lender client. Your appraisal client let's say is ABC bank or lender it's not FANNIE or Freddie Mac as you were not engaged by F & F . Even inside i rarlley had no idea where that loan was ultimately going to be sold to other than our investor's IE Chaser. Wells. and others who funded our lines of credit. TELL US who your client was my guess is you have never done an appraisal ordered by F & F where they were the only CLIENT.