Fannie's Own Statement About Waiver /value Acceptance;

[Trihard]

https://twitter.com/x/status/2112653062280286676

...pucker up

I wonder how they will find a way to blame appraisers for the 40% of appraisal waivers.

 

[Justinjla]

Well there it is, a mortgage lender on the AVS podcast just admitted that 40% of her conventional loans get appraisal waivers. The other 60% are difficult properties, yet they still don't want to pay reasonable fees.

If a lender dealt exclusively with borrowers who had high FICO scores, low DTIs, 30% LTVs, homogeneous properties in MSAs or other high population areas where the data is robust, and properties where we already have substantial historical data, that lender could see appraisal waiver rates close to 100%.

But that is not reality. Across all lenders and loans, about 75% to 80% of the loans delivered to Fannie Mae include an appraisal. That is not opinion. It is not interpretation. It is a fact, and anyone can verify it through publicly available MBS disclosure data. Any podcast, website, chatbot, lender, trade group, or anyone else telling you otherwise is not offering a different view of the data. They are simply wrong on the facts.

 

[djd09]

oh i remember when CU came about...they said it was just a risk review tool...and then they said they were going to waive a small percentage of refi's...followed shortly by a small percentage of purchases...now it is just a price setting machine with the mortgage brokers leading the way in the wonderland of one world appraising i cant stop laughing

 

[chad hampton]

Like everything, it gets abused. It was supposed to be only the very lowest risks, high down payments and 800 credit. Then the china virus hit and they gave them temporary flexibility. I guess temporary is forever when you live inside the beltway.

Hell, the former head of the fhfa said as much. They were never meant to be used like they are. Some never learn.

 

[djd09]

H

Thread 'Collateral Underwriter'

Oct 19, 2015

Last Friday, in San Francisco, I was part of my local AI Chapter's Fall Conference event (65th year). This is a daylong event that is divided into a general session, and then break-out sessions lasting 1.5 hours each.


I moderated a panel on CU and had two guest speakers, both work for banks (smaller community bank and larger community bank; almost regional) and they shared their insight on how the CU program works.


I won't say that they gave away top-secret information, but they were very clear that the GSEs limited what could be shared on their product; and that is a shame. Because...

• hastalavista
• Replies: 15
• Forum: Fannie Mae, Freddie Mac, USPAP

• 

bait and switch...