Credit union fees

[glenn walker]

Kind of reminds me of the time I had a older appraiser tell me he had been in the business for 40 years. At that time I just laughed because I was a old timer not so much in age but started in 1978 while in college. Secondary mortgage lending today means the institution has no insured depositors. If you are a credit union and have the public's savings or checking deposits (insured accounts) you are no longer a secondary or private lender. That does not preclude the credit union from holding a loan in their private portfolio but they are also under the new lending laws and it's a whole new game especially in the next 24 months. Lot's of appraisals for credit unions are for equity lines and that's another story but for full 1004 appraisals I don't think you are going to find many in 2015 taking Non-Uad appraisals because they are no longer secondary lenders. As far as how long you have been an appraiser that is a mute point. Myself and others on this forum have been in the business for over 30 years but working in QA or review for insured institutions gives the appraiser a better and more complete picture of whats coming down the road. There is nothing to worry about either way the appraiser does his job and the form the report is completed on is really a non-issue.

 

[Terrel L. Shields]

No one says you have not, but trust me, I've been around for 24 years myself. I did mostly residential for the first 10+ years and when fannie got to be a PITA, I quit working secondary market. The "non-lender form" I used was 2 pages and mirrored the fannie approved URAR. But I still do not see why you could not do that fannie form for FIRREA work since FRT regulated banks can use fannie mae created appraisals without modification...I am confident most do since so few who post here seem to even be clear about who is going to end up with this report, many fannie forms have been submitted to banks and got no further than the bankers portfolio. The use of the fannie mae form in common to them all. Banks may go in house, may go secondary market, but the LO didn't always tell you where the report was going, and perhaps that decision had not even been made. The 2005 1004 form makes no such prohibitions within the form, for instance.

 

[Kim Whiting]

Here, I charge LESS for Credit Union work which requires no UAD and isn't going to get sniffed by Fannie ever....absolutely LOVE Credit unions not using AMCs.....more and more are though I realise.