Assessor Data And Fannie Mae Collateral Underwriter

[Amy Perkins]

As appraisers we rely on data from the assessor's office. Our appraisals are reviewed against the GLA that the assessor provides. Frequently, I call the assessor's office to amend data that is incorrect because I worry about Fannie Mae CU. However, they will consistently put illegal GLA on the record to collect for taxes. They will admit to this over the phone. I thought that it needs to be "legally permissible" to be valued. Fannie Mae said it was fraudulent to put incorrect information in the public record. Many lawsuits result from putting the wrong GLA in the record, yet since they do not require them to be licensed there does not seem to be any accountability. It puts appraisers in a liability situation because even a false claim can destroy the credibility of the appraiser. Appraisers need this information from Fannie Mae from CU so that we can better serve the public and restore faith in our profession. Recently, a lot with two homes was rated as a single-family residence. When I asked the assessor why, she said well most of them are single-family properties in this market and refused to change it. Their excuse is that it is an "internal rating" system. They also put manufactured homes as single-family homes. Fannie Mae said this was fraudulent. The owners are going to get hassled every time they refinance who own these properties. It's not fair to the homeowner, appraisers, and is pure negligence on the part of the assessor's office. We are all being held to a certain standard and the authorities are not doing their do diligence. We need access to Collateral Underwriter to produce credible results.

 

[CANative]

Where did you learn appraisal Amy?

 

[bnmappraisal]

As appraisers we rely on data from the assessor's office. Our appraisals are reviewed against the GLA that the assessor provides

I agree to a point. However, if we have a discrepancy, we can/should disclose it. There are also many other sources that we rely on for data ...

Many lawsuits result from putting the wrong GLA in the record

Any proof of this? (I don't personally doubt it, but I cannot personally prove it) What are you basing your presumption on?

Appraisers need this information from Fannie Mae from CU so that we can better serve the public and restore faith in our profession

I'm not sure about this. We (at least I) need verifiable information from at least 2 different sources (agents, MLS, County Appraisers/Assessors offices, homeowners, buyers ....) I literally called an agent today to verify a purchase and the agent offered up (on their own!) another CASH sale (verified later via County records) that ended up being a potential comp for the property I am working on (the agent on the phone had NO involvement in the property I am working on BTW)

We are all being held to a certain standard and the authorities are not doing their do diligence

"We" as licensed/certified appraisers are held to a certain standard. I don't know about the other "authorities" what that/their standard is

We need access to Collateral Underwriter to produce credible results.

Here, I disagree. I disagree because I (and this is my personal opinion) don't really care what CU says. I know what my credible results are/should be and that's what I report to my client. If my peers "disagree" (or whatever" via CU), well, that's an issue with CU and my peers.

 

[Tom D]

city hall "might" have wrong information, and won't correct it to lower taxes?
i gave up any thoughts on any governing body not wanting all your money. nothing wrong with government corruption (in case they read this blog). i personally would like to live in the shadows, to avoid any of those people.

i have never had a CU comment, it's up to the lender to weed out the nonsense. i therefore, don't need to look at something that might influence my independent thoughts. although, i found the group GLA adjustments to be most helpful. resistance is futile, you will learn to serve the CU.

 

[Deleted member 77547]

The assessor isn't going to change their property records because an appraiser called and asked it be corrected. How do they know the appraiser is correct? In most cases, homeowner's aren't going to invite the assessor in the home to get their property records corrected unless it scores in their favor. And most people don't even pay attention. Don't waste your time calling the assessor demanding they change their data to reflect yours because you fear Fannie's Collateral Underwriter. You simply cannot control that.

Reported living area by an assessor may vary from an appraiser's for a variety of reasons. Assessors tend to round the measurements to the nearest foot while appraisers may be a more defined in their calculation. An assessor my calculate, for example, a finished attic separate from the reported living area for tax assessment purposes so the GLA may be smaller than what an appraiser might develop. One township near Chicago includes the below grade lower level finished area in their living area calculation for split level homes - which isn't "illegal" in the assessing world (nor the appraising world) but is something an appraiser would likely not do. It is incumbent upon the appraiser to understand how the assessor calculates living area so the appraiser can compare apples to apples rather than assuming its grossly incorrect (which on occasion it may be.) Assessors calculate living area a certain way FOR TAX PURPOSES, not for the convenience of appraisers.

For example, I once had a rear 500sf addition added to my home which wasn't reflected on my property card for five years because the municipality excluded the GLA for improvements and additions for five years to encourage people to improve their homes. So while my home was actually 2500sf, the property records indicated it was 2000sf. It wasn't wrong for tax purposes! And that is what the assessor is concerned with....they're not concerned with what the appraiser is reporting for a bank appraisal.

When it becomes obvious a GLA source appears incorrect, I believe its up to the appraiser to find and determine a source of GLA that most accurately reflects the property and apply that with an explanation. Its not a perfect system but we can only go by the data available to us. I never worried about getting sued for using the GLA as reported by the assessor for comps, nor did I fear Fannie CU and I would never call an assessor and grouse that the assessor is doing it wrong.

You don't need to see Fannie's CU to develop credible results and if that is what one would go by as gospel to report a GLA calculation then that would be less accurate than doing the work yourself. Simply stating what a Fannie CU says for fear of a lawsuit is reckless.

 

[Amy Perkins]

My training started when I worked for a general who was the chief appraiser Ken Cory for a different county for over 30 years then retired and opened his own shop. We did a lot of multiple family and narrative ranches. I was then trained by David Lewis, who was the right-of-way manager for public works (Eminent Domain Narratives). I worked for an appraisal company that did primarily lending, now it's Valligent (Form work). Then I worked for World Savings Bank where there was too much pressure from the lender so I opened my own business in 2005. I took all the general level courses in San Diego, but I can't get the hours for commercial. I do a lot of reviews of other peoples work that gets flagged by CU. I always take the time to make sure there is not an error in the record because someone's license is on the line and you might be next. The assessor was given a copy of the permits, they just would not classify it as a residential rentals, because "there were more single family homes in the neighborhood." The MLS board told me that the agents won't put the GLA in because they are worried about getting sued. You think you are getting data from other sources, but if it's Realist, metroscan, Realquest, Win2Data; it's just coming from the assessor, via First American. MLS rarely has their own GLA in the record and they have resorted to hiring this guy who is not even an appraiser to measure the building if it is different.

 

[djd09]

We need access to Collateral Underwriter to produce credible results.

All they want is for us to blindly conform. Sad indeed.
Knowing that the auditors is wrong serves CU their just desserts.

 

[Amy Perkins]

I will not be assimilated and I will not comply, especially when I feel that people's rights are being violated due to negligence, laziness, or greed. We used to have the best data; now CU has it and we are accountable. Is it so wrong to stand up for what is right?

 

[Amy Perkins]

I called Fannie Mae enforcement and asked them about it; they said it was fraud not me.

 

[gregb]

Usually it's no problem getting GLA for comparables in Santa Barbara. Various sources exist for such data, including CORT, old CMDC, online County and City building department files with permits, other appraisers and my own appraisal files dating to 1989. SBMLS will sometimes have sketches, created by a local guy that agents hire to measure the GLA. Many other areas I appraise have fewer data sources for GLA.