An Open Letter to Fannie Mae RE: multiple parcels

[George Hatch]

And we wonder why appraisers and appraisals are seen as an obstacle and not a useful tool for lenders. I'm glad you got your 30 in before you threw the rest of us under the bus and pissed in FNMAs wheaties, I guess next you will bemoan low interest rates as unsustainable (as if your job, hint, wink)

How does treating value consistently impede any of Fannie's operations?

If Fannie has internal policies which affect the mortgage of a 2-parcel assemblage then who put that problem there and who has the ability to remove that problem?

It wasn't appraisers who created that problem - if it even exists - and appraisers aren't the answer to solving that problem. No peeing involved.

 

[Mr Rex]

USPAPs next rendition will reflect acknowledgment of Fannies latest and greatest. They have to every 2 years to remain relevant. Lee will stand steadfast against kids in his yard dammit! FNMA will loan on properties with 2 parcels. Any moron including the loan officer will recognize that if the "IMMEDIATE" demand for the 2nd property, then its not available to be combined with the improved site...

 

[Mr Rex]

How does treating value consistently impede any of Fannie's operations?

If Fannie has internal policies which affect the mortgage of a 2-parcel assemblage then who put that problem there and who has the ability to remove that problem?

It wasn't appraisers who created that problem - if it even exists - and appraisers aren't the answer to solving that problem. No peeing involved.

Does USPAP create problems with property rights if you believe the above? Can you opine a value regardless? What is your role as an appraiser? No peeing involved.

 

[Eli]

Some countries are crazy. I am worried about gas prices too. I travel a bunch.

 

[George Hatch]

Does USPAP create problems with property rights if you believe the above? Can you opine a value regardless? What is your role as an appraiser? No peeing involved.

Which property rights are adversely affected by an appraiser opining to its MV?

Serious question: if Fannie has decided that they WON'T do a loan on a 2-parcel assemblage because they have different HBUs and their own values, then who made that decision, and who has the power to decide differently?

How much of the problem, the infringement, the obstacle to Fannie's complete dominion over all it surveys was internally created vs externally created?

 

[Mr Rex]

Which property rights are adversely affected by an appraiser opining to its MV?

None. But an appraiser opining that FNMA can't originate with out substantiation on a loan on 2 parcels definitely affects property rights. FNMA says they will loan on 2 parcels. The appraisers job is to opine a value. H&BU analysis is required. Done and done if you know your *** from your reflection.

 

[George Hatch]

"But an appraiser opining that FNMA can't originate with out substantiation on a loan on 2 parcels definitely affects property rights."

Citation needed. Pics, or it literally didn't happen.

An appraiser doing 2 values is saying nothing about what Fannie can or cannot do.

 

[Mr Rex]

Which property rights are adversely affected by an appraiser opining to its MV?

Serious question: if Fannie has decided that they WON'T do a loan on a 2-parcel assemblage because they have different HBUs and their own values, then who made that decision, and who has the power to decide differently?

How much of the problem, the infringement, the obstacle to Fannie's complete dominion over all it surveys was internally created vs externally created?

But they didn't. They set the policy. I'm sure your remember the days of "Jumbo" loans" that were ineligible for most regular folks. Now FHA loans in the high 6 figures are not uncommon. I disagree with the artificially low interest rates that are bound to come back and bite the entire economy in the arse but keep on appraising. The latest from Fannie is way short of the Feds treatment of interest rates in MHO. I don't see Lees open letter in that regards but he is a big boy and can speak for himself. I disagree as misguided and misdirected, but it is what is, and in any case it ain't purdy...

 

[George Hatch]

But they didn't. They set the policy. I'm sure your remember the days of "Jumbo" loans" that were ineligible for most regular folks. Now FHA loans in the high 6 figures are not uncommon. I disagree with the artificially low interest rates that are bound to come back and bite the entire economy in the arse but keep on appraising. The latest from Fannie is way short of the Feds treatment of interest rates in MHO. I don't see Lees open letter in that regards but he is a big boy and can speak for himself. I disagree as misguided and misdirected, but it is what is, and in any case it ain't purdy...

All I'm getting from the above is that Fannie controls their own internal underwriting the same as every other lender. They decide which loans qualify for their programs and which don't. Which discretion I completely support.

 

[Mr Rex]

Do you have a point?