Collateral Underwriting Appraisal Messages

[Randolph Kinney]

Today is January 26, 2015 ... the magic day of implementing the CU. So if the CU flags the appraisal report, the lender can override the CU, however, Fannie will have to look at it too when they get that appraisal report.

 

[Mike Kennedy]

I got 'FNM0422' and 'FNM0424'.... I supported the adjustments, but yeah, what if I get these messages from every appraisals?,, I guess I should not accept any order for a while.

Dear CU - the other "duhpraisers" are clearly incorrect, incompetent and should never have been engaged for this market and perhaps any other. Kindly refer to my supportive comments re the View. Have a nice day.

 

[Deleted member 134708]

I have 3 appraisals going in this week. Super excited to be compared to my peers on 2 of them. 1st one has a comp that was rebuilt from a fire in 2010. It's in area of homes built in 1975. All my comps are C4 and this one is not marked C4 but C2/C3 (for arguments sake) due to if you called the realtor you found out was re-built. Does not say this in MLS. So I will be the one with a poor appraisal.

#2 -- Comp using MLS says 2 car garage and would have no idea it isn't unless inspected house. I previously appraised house so have a slightly different GLA than MLS and has 3 car garage. My peers will all have different info than me. Once again, I have the poor appraisal.

#3 -- This one will look bad when judged by software program. Retimrement community. I have all comps within community (golf course/rec etc) CU will say it's bad appraisal because it chose comps outside PUD.

Sincerely: a high risk appraiser.

 

[J Grant]

I just received my first CU request form an underwriter: "Sale #4 has a view of "B", however, other appraisers have reported the view for this property as "N".
This sale backs a golf course, the subject has a standard residential view backing other homes. This is going to be a nightmare if we are going to get this crap on every appraisal.

Look at it this way, your response to CU, all our responses, may go into a database and forge a trail of breadcrumbs identifying the incompetents. If you got it right that golf view for comp 4 was beneficial, and others got it wrong, maybe that will be noted. ... if certain appraisers accumulate thousands of wrong marks over a year will it mean something? (speculating , what is the purpose otherwise)

 

[djd09]

Isn't it possible that different appraisers have different opinions on subjective parts of the appraisal. This will be a colossal mess just for the fact that of all the additional work based on a review that doesn't adhere to standard 3 and data that may or may not be corrected. Happy birthday CU. Have fun.

 

[Randolph Kinney]

Isn't it possible that different appraisers have different opinions on subjective parts of the appraisal. This will be a colossal mess just for the fact that of all the additional work based on a review that doesn't adhere to standard 3 and data that may or may not be corrected. Happy birthday CU. Have fun.

What he said. Fannie gets to be the arbiter when they get the appraisal no matter the verbiage and supporting photographs.

 

[djd09]

And based on the example stated how will this reduce the risk of buy back for fannie? Better learn to be a good socialist and conform to any and all appraisers in your area.

 

[Randolph Kinney]

And based on the example stated how will this reduce the risk of buy back for fannie? Better learn to be a good socialist and conform to any and all appraisers in your area.

The risk is reduced by the lender rejecting the appraisal ahead of Fannie or making the appraiser change the report to fit the CU and then submit the loan to Fannie.

 

[Steelers74]

Already had one come back on Friday from a client. Stated prior appraisal reports by peers indicated the subject was located in a rural area, please correct or explain. Subject is suburban per my report. The subject's area has not been anywhere near rural area in at least 40 years, maybe close to 30 years if you really stretch it. I did not know CU went back that far. I suspect a peer or two got it wrong. The subject is suburban, at least 70% built up with Res and Comm, at least 3 large agricultural plots currently listed for sale for development and have already been zoned for residential or commercial development. Also, subject located within 1 mile from city limits of a major metropolitan city; an urban location. I almost wanted to just say Google Earth it and see for yourself.
If I am going to have to take time to respond to peer's errors on top of everything else, i.e. the inevitable list of comps the client wants reasons for not using which we know will happen, I don't believe those saying it won't, we all know how AMC's and banks operate these days, fees will definitely be going up.

 

[Pam Wyant]

Thanks for the link James.