Just got this from a lender and we both question what it means.
902 - A subject attribute is not covered by the model. No CU Risk Score available.
How do we find out what the attribute is?
Good ender not complaining, Just wanted to understand
In my opinion it means the property is not good collateral and they score the appraisals maybe to blame on appraiser, because if this property is packaged with a bulk sale to Fannie Mae, because of the no score, the bundle may be rejected.
Example: I appraised a property will several site adverse conditions on 30 acres and on the other side an over-improved dwelling for the area. I ran the appraisal through the CU, pages of warnings and no score. I attached it to my appraisal. I took the same report cloned it, removed all negative data, and adjusted as if all thirty acres added value, removed all adjustments for effective ages and the property scored 750, if I would have removed the slow rural market conditions and some other site comments, I might get a 100% or at-least 90 something. I really think that because of these systems, Bad appraiser will be the best appraisers, I recent had an appraisal done, the appraiser I have ebb heat, the appraiser told me all heat is FWA as far as he was considered and market FWA on report
NEIGHBORHOOD: Neighborhood Characteristics: Location: The "Rural" box is checked:
Provide detailed comments about the location, site and zoning of the subject. Utilize comparables of properties with same/similar lot sizes and utilities. Provide thorough explanations regarding the marketability of the subject property
FNC-C-N-006-01
NEIGHBORHOOD: Neighborhood Characteristics: Built-Up: The "Under 25%" box is checked:
Provide detailed comments about the location and site. Utilize comparables of properties with same/similar location. Provide thorough explanations regarding the marketability of the subject property, including the lack of residential development within the neighborhood
FNC-C-N-009-01
NEIGHBORHOOD: Neighborhood Characteristics: Growth: The "Slow" box is checked:
Provide detailed comments about the location. Utilize comparables of properties with similar location. Provide thorough explanations regarding the marketability of the subject property, including the slow growth within the neighborhood
FNC-C-N-018-01
NEIGHBORHOOD: One-Unit Housing Trends: Marketing Time: The "Over 6 Months" box is checked:
Provide detailed comments about the subject's neighborhood, including an analysis of supply/demand. Utilize comparables from within the subject's neighborhood and make negative time adjustments as necessary. Provide thorough explanations regarding the marketability of the subject property, including the reason for the extended marketing times (over 6 months)
FNC-C-N-096-01
NEIGHBORHOOD: Market Conditions: Provide explanatory comments regarding the terms:
"SLOW"
FNC-C-N-096-03
NEIGHBORHOOD: Market Conditions: The field contains the term(s): RETIREMENT. Utilize comparables with similar characteristics, providing explanatory comments. This rule alert is for underwriting purposes
FNC-C-S-027-01
SITE: Zoning Description: Field noted as "Rural Residential 5 acres":
Provide explanatory comments regarding the zoning, effect on marketability, and whether the subject is an income-producing agricultural property. Utilize comparables with similar zoning and of similar property type
FNC-C-S-030-01
SITE: Zoning Compliance: Field noted as "LEGALNONCONFORMING." Contact the client for further instructions; Provide explanatory comments regarding the effect on marketability; Utilize comparables with similar zoning
FNC-C-S-072-01
SITE: Utilities: Sanitary Sewer: Other: Ensure that the follow-up field contains an explanatory comment
FNC-C-S-075-02
SITE: Utilities: Sanitary Sewer: Other: The description field contains term(s) "SEPTIC". Provide explanatory comments regarding the effect on marketability. Utilize comparables with the same type of sewerage system
FNC-C-S-093-01
SITE: FEMA Special Flood Hazard Area: The "Yes" Box is checked:
Ensure that that explanatory comments are included regarding the effect the FEMA Flood Zone has on the subject property's value and marketability
FNC-C-S-105-00
SITE: Are the utilities and off-site improvements typical for the market area?: Check the appropriate box
FNC-C-IMP-150-01
IMPROVEMENTS: Heating: The "Other" box is checked: Ensure that the follow-up field contains an explanatory comment
FNC-C-IMP-312-00
IMPROVEMENTS: Are there any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?: Check the appropriate box
FNC-C-IMP-318-00
IMPROVEMENTS: Does the property generally conform to the neighborhood (functional utility, style, condition, use, construction, etc.)?: Check the appropriate box
