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[Elliott]

National Mortgage Newsletter:

What Fannie Mae's changes could mean for home valuations
By Brad Finkelstein March 07, 2023, 8:00 a.m. EST

"In a selling guide published last week, Fannie Mae showed it is moving away from the position that a property appraisal is a requirement to prove value for a lender to sell a loan to the government-sponsored enterprise.

Also, it is looking to substitute the term "value acceptance" in place of appraisal waiver, although at first both will co-exist in the Fannie Mae lexicon."

 

[jay trotta]

National Mortgage Newsletter:

What Fannie Mae's changes could mean for home valuations
By Brad Finkelstein March 07, 2023, 8:00 a.m. EST

"In a selling guide published last week, Fannie Mae showed it is moving away from the position that a property appraisal is a requirement to prove value for a lender to sell a loan to the government-sponsored enterprise.

Also, it is looking to substitute the term "value acceptance" in place of appraisal waiver, although at first both will co-exist in the Fannie Mae lexicon."

Always amazing how the language in those "guidelines" change in completely the wrong direction. Similar to "Dodd-Frank" and when disaster strikes, Ooops

Waiver to Value Acceptance, hmmm

 

[Overimprovement]

From appraisal -> hybrid -> waiver -> value acceptance -> fraud -> 20% underwater -> foreclosure -> REO appraisal. But alas, there will none left for this last step.

 

[Terrel L. Shields]

The liability will fall on the data collector....
Unless the appraiser neglects to check assessor's online data...

And when that data are meager? Who had the license? The data collector or the appraiser?

 

[NJAPRAZE]

National Mortgage Newsletter:

What Fannie Mae's changes could mean for home valuations
By Brad Finkelstein March 07, 2023, 8:00 a.m. EST

"In a selling guide published last week, Fannie Mae showed it is moving away from the position that a property appraisal is a requirement to prove value for a lender to sell a loan to the government-sponsored enterprise.

Also, it is looking to substitute the term "value acceptance" in place of appraisal waiver, although at first both will co-exist in the Fannie Mae lexicon."

Can anyone produce a "value acceptance" estimate without being licensed, having to adhere to USPAP, etc? If so --- biennial renewal maintaining a license is worthless; bad enough that fed judges accept BPOs or evaluations in lieu of appraisals in court cases - smh

 

[J Grant]

Can anyone produce a "value acceptance" estimate without being licensed, having to adhere to USPAP, etc? If so --- biennial renewal maintaining a license is worthless; bad enough that fed judges accept BPOs or evaluations in lieu of appraisals in court cases - smh

From whatI know of the program, Fannie or Freddie does an in house AVM valuation, for a range of values. Then, either the Sale price, if it is a purchase, is the value, or a lender's own value estimate is teh value, as long as either one falls within the range of value from Fannie or Freddies' own AVM type in house valuation. The "acceptance", idk what that means, I suppose that everyone in the process accepts the value as the one the loan is based on for the LTV? It is the ssame process as for a Waiver, but they are changing the name

 

[Essexfenwick]

The point is....
Eventually "trust" comes into play....

Appraisers have a license and can be fined.. lose their job. They are also insured.

There’s a lot of extra protection against fraud.

 

[ucbruin]

Appraisers have a license and can be fined.. lose their job. They are also insured.

There’s a lot of extra protection against fraud.

In the future, appraisers may have hard decisions to make....
Trust or become an ex-appraiser....

 

[Essexfenwick]

In the future, appraisers may have hard decisions to make....
Trust or become an ex-appraiser....

How is engaging 2 people cheaper than 1? It’s absurd and will certainly cost more. It will probably be slower as well in most times. When it’s slow… both methods will be lightning fast. When it blows up busy.. they have to hire and train inspectors … by the time they are hired and trained… it dies again and they lay off . It was only faster but more expensive at the end of the boom.

Can appraisers be the inspectors? Are we banned from doing the inspection half because they want people that will overlook or be ignorant?

 

[ucbruin]

How is engaging 2 people cheaper than 1? It’s absurd and will certainly cost more. It will probably be slower as well in most times. When it’s slow… both methods will be lightning fast. When it blows up busy.. they have to hire and train inspectors … by the time they are hired and trained… it dies again and they lay off . It was only faster but more expensive at the end of the boom.

Can appraisers be the inspectors? Are we banned from doing the inspection half because they want people that will overlook or be ignorant?

I don't have an answer regarding cost to the lender....
But I can see how the inspection portion could be quicker with employing dedicated data collectors and/or homeowner/agent provided photos....