1004p

[J Grant]

So what you’re saying, is that Fannie has joined the Lender ranks not as a superior but as a their Peer. Which is I think, what GH was saying

Their role used to be the safeguard gatekeeper of lenders loans to investor buyers with an obligation to taxpayer backing ...now their role is yahoo lets close fast serve the lender profit agenda esp the quickie internet players- with a token bare minimum of safety and security ( the token bare min is why they are still including appraisers, and to have appraiser input into their own CU data bank )

More like an AMC than a lender now. I used to respect Fannie, now I think of them as akin to a time share sales company . Will see long term what results this has they are going for broke with such a massive change, like a gambler putting all chips on one number they will be very exposed if there are problems later.

 

[J Grant]

Gotta wonder if that is intentional.

If you remove field work from a typical residential assignment for lending purposes, then the desk work is still at least 75-80% of total time, on average. At least in my world. Should put fees for these 1004p's at $225-$350 or so, but so far the fees offered can only be laughed at. Those prior figures work out to a full 1004 at $300 to $450, which includes the bottom feeder AMC's to the solid direct clients, via my shoot-from-the-hip nationwide guesstimate.

The $50-60 fees seem to be for desktop HELOC's and some of the fees offered for 1004P desk portion were $125? Which of course is ridiculous. As you note, the desktop portion is 75-80% of the total time. But beyond that, fannie can't have it both ways. They are saying the APPRAISAL VALUATION takes place at the desk, not in the field ( thus non appraiser to inspect ). Following that line of reasoning, the appraiser's desktop portion is the prize, so it needs not be discounted then - let them double talk their way out that . if appraiser want to give a discount for not having to do the field work, that might look like a $60- $75 discount off current fee for a 1004 ( $60-$75 is what they are paying the inspectors for interior inspection , but regardless of what they pay the inspectors, no need for us to vastly reduce our fees for what we do- the appraisal )

 

[Evincere]

[

Their role used to be the safeguard gatekeeper of lenders loans to investor buyers with an obligation to taxpayer backing ...now their role is yahoo lets close f

. I used to respect Fannie,

Respect? Why? Did you respect them when as supposed gatekeepers safeguarding the public they bought / made terrible loans, went broke and forced into conservatorsip just to stay in business?

They’re still leopards whose spots haven’t changed - but I’m glad to see any hero worship fantasies you might have entertained fading.

How many thousands of “property data collectors” do you think they’re going to put on their Do Not Use List? Wouldn’t surprise me if they’re conducting interviews for the new “property data collection” dept heads.

Maybe they’ll now find greater cause to add even more Appraisers to the current one.

 

[George Hatch]

Fannie served as a secondary market so the lenders wouldn't have to retain all the loans they generate in their own portfolio. What Fannie has failed to do is to more actively screen the appraisals they accept in those loan packages.

 

[Evincere]

Fannie served as a secondary market so the lenders wouldn't have to retain all the loans they generate in their own portfolio. What Fannie has failed to do is to more actively screen the appraisals they accept in those loan packages.

Wash, rinse, repeat

Only this time with a new, modernized twist - add “property data collectors” to the mix.

 

[J Grant]

Fannie served as a secondary market so the lenders wouldn't have to retain all the loans they generate in their own portfolio. What Fannie has failed to do is to more actively screen the appraisals they accept in those loan packages.

so with their lousy history of screening, now they are putting themselves in postion to screen appraisals, screen inspections done by "data collectors" and screen properties for waivers. Quite an expanded collateral assessment role they are taking on.

Hope they are better at it than the comps they send in the off times they send them for a CU flag - the "comps" they send range from good to terrible, as with most computer generated picked by a rote system. Too big to fail has become too arrogant to realize their own limitations

 

[Terrel L. Shields]

akin to a time share sales company

Now that's low...

 

[Terrel L. Shields]

Fannie served as a secondary market so the lenders wouldn't have to retain all the loans they generate in their own portfolio. What Fannie has failed to do is to more actively screen the appraisals they accept in those loan packages.

But is Fannie Mae really unhappy with defective appraisals? Or, pleased that the banks give them an excuse to make the bank take back a loan if it fails? And if all payments were timely would they care what the appraisal says? Would they claw back the money then? I doubt it even if they knew the appraisal was deficient.

 

[J Grant]

Now that's low...

Actually time share companies deserve more respect. They may be aggressive in marketing but they are selling a product and it is what it is, fractional use interests in a property. May even work out well for some buyers

 

[Terrel L. Shields]

May even work out well for some buyers

Ugh...try getting rid of one.