Appraisal Institute suspended from The Appraisal Foundation

[Lawrence R.]

It is improper to end a sentence with a preposition.

Ending a sentence with a preposition is something up with which I will not put!

 

[Ken B]

In case anyone reading is not familiar with a 2075 form -

The following was cut and pasted from https://www.efanniemae.com/sf/formsdocs/forms/2075.jsp

Form 2075 is not an appraisal report. When Desktop Underwriter recommends Form 2075, it has judged the reasonableness of the sales price as adequate collateral for the mortgage loan. Therefore, a property appraisal is not required for the specific transaction.

 

[moh malekpour]

So that everyone is on the same page, HUD insures and VA guarantees. Both are U.S. government agencies.

FHA is insured, VA is guaranteed and GSEs are sponsored by US government and all of them are exceptions from FRT according to #9 from FDIC site.

 

[Ken B]

Correct


qwerty

 

[TC]

FIRREA applies to the lenders that are under the jurisdiction of the federal banking regulators, i.e., FDIC, NCUA, OCC, OTS, FRB, and by ammendment, HUD. When it was in existence, the RTC was also part of this group. Maybe the feds will bring back the RTC.

The GSEs don't answer to these regulators. They have their own regulator, formerly known as the Office of Federal Housing Oversight (OFHEO), but recently revamped as the Federal Housing Finance Administration (FHFA). That agency still isn't a a member of the ASC or a party to FIRREA.

Whom, who, cares what you think, stinkin' newbie.

 

[Calvin the Airedale]

There is the kind of knowledge that comes from reading the CFRs for banking regulaton and the type that comes from actually having been regulated by them in OTS examination.

It's the difference between reading about sky diving and actually sky diving.

It's the difference between reading about a fight and actually getting your *** kicked.

Ken's posts would give the impression that one performing work for GSEs would not be subject to CFR appraisal regulations. Regulations that would apply to all FRTs. Not so. As far as the feds are concerned, every transaction is subject to oversight, even the ones that the bank might think the CFRs give them some exception room or leeway.

 

[AnonApprsr]

In case anyone reading is not familiar with a 2075 form -

The following was cut and pasted from https://www.efanniemae.com/sf/formsdocs/forms/2075.jsp

Form 2075 is not an appraisal report. When Desktop Underwriter recommends Form 2075, it has judged the reasonableness of the sales price as adequate collateral for the mortgage loan. Therefore, a property appraisal is not required for the specific transaction.

Exactly. But... why have me do one at all? Just so they can say I said the house exists?

 

[Ken B]

Exactly. But... why have me do one at all? Just so they can say I said the house exists?

It exists and conforms to the neighborhood. If it did not conform to the neighborhood, the AVM might not be a good indicator of the property's value.

It's a matter of risk. A high credit score and low loan to value used to mean that a ballpark AVM might be good enough so long as someone confirmed the subject was not an anomaly.


I am somewhat surprised to hear that anyone is getting 2075 assignments. I thought they went away a number of years ago. Perhaps the AVMs are getting better.

 

[Ken B]

I think I'm on the cusp of an epiphany. I was wondering how it was that I found myself in agreement with something out of Oregon.

 

[Ken B]

Calvin...I find that I must place myself in reverse and back up a bit. Simply because the circumstances of certain transactions may exempt that transaction from an appraisal requirement does not mean that the transaction is not an FRT. In fact, the very action of exempting certain transactions from just the appraisal requirement would, if nothing else, infer that the transaction is subject to other requirements associated with an FRT.

This would be inconsistent with the opinion from Oregon.

Once again, all is right in the universe.