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CU Is Just A Mess

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Vermonter

Senior Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
Not sure what is going on lately, but I've been getting CU warnings on every report sent in. Not one warning has been legitimate...in fact I can't remember the last one that was.

By yesterday I had 5 warnings this week and this morning I got 3 more-

GLA varies by more than 10% from public records- My measurements were 1550, public records said 1549.

Subject reported age (117) varies from public records (10)- There isn't a house less than 100 years old within a mile.

GLA on comp 3 varies from appraisals where it was used as a comp- Interesting, I appraised the property for the sale and my measured GLA matches the assessment card GLA.

:shrug::shrug::shrug:

Here's the thing tho....The only public records that would have the year built and gross living area is the assessment card. You have to walk into the subject property's town office and physically look in the file to read it. Nothing available online in my neck of the woods. Agents will report the GLA and year built in MLS, but they pull that from the assessment card.

Wasted probably better than 2 hours this week fielding those emails, double checking my data and then responding. So I guess my question is where could they possibly be getting their "public records"?

If I knew their source, maybe I could head off the "warnings".
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
Here's the thing tho....The only public records that would have the year built and gross living area is the assessment card. You have to walk into the subject property's town office and physically look in the file to read it. Nothing available online in my neck of the woods. Agents will report the GLA and year built in MLS, but they pull that from the assessment card.

only a guess by our local MLS has realist which regurgitates public record and agent info.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
Those aren't CU warnings, those are from your clients software.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Those aren't CU warnings, those are from your clients software.
I don't know where those warning came from, but they certainly are not CU generated warnings as CU does not issue any warnings regarding the GLA or age variance from the public records

All possible CU warning are known since a list of all possible CU warnings is published by Fannie Mae. Unless the warnings you were provided have the same verbiage as one of the warnings listed in Appendix B (beginning on page 12 of 21) at the following link, they did not come from CU:
https://www.fanniemae.com/content/user_guide/ucdp-user-guide-fannie-mae-messaging.pdf
 
Last edited:

Vermonter

Senior Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
Every one of these item states "Collateral Underwriter Warning" after it. This is not some random AMC, but a local credit union. I really don't think they'd say it was CU if it wasn't....unless they are using some different "Collateral Underwriter"???
 

Vermonter

Senior Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Vermont
I don't know where those warning came from, but they certainly are not CU generated warnings as CU does not issue any warnings regarding the GLA or age variance from the public records

All possible CU warning are known since a list of all possible CU warnings is published by Fannie Mae. Unless the warnings you were provided have the same verbiage as one of the warnings listed in Appendix B (beginning on page 12 of 21) at the following link, they did not come from CU:
https://www.fanniemae.com/content/user.../ucdp-user-guide-fannie-mae-messaging.pdf

Link won't work for me and I can't access UCDP user guide without a login?

Nevermind I found it.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Every one of these item states "Collateral Underwriter Warning" after it. This is not some random AMC, but a local credit union. I really don't think they'd say it was CU if it wasn't....unless they are using some different "Collateral Underwriter"???

One of the big problems with CU is that smaller institutions don't really understand how it works or what it is intended to do.
If your client is a local credit unit, I'm guessing that they really don't have an appraisal review department; you are likely their appraisal expert. So, in that case, they are giving you the notification list and hoping you can add comments to your report to address these issues; which, you can. If your client was larger or more sophisticated, you might never see this.

Good luck!
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Every one of these item states "Collateral Underwriter Warning" after it. This is not some random AMC, but a local credit union. I really don't think they'd say it was CU if it wasn't....unless they are using some different "Collateral Underwriter"???
I provided you with a link to a list of all possible CU warning messages and none of these are on the list, so I don't know what to tell you except that these warnings definitely did not come from CU no matter what your local credit union says.

These messages were either re-written by the lender using different verbiage and requesting different information than what CU specified or the warnings came from somewhere else altogether. My guess is that these messages may have come from Freddie as the verbiage and content is much more similar to the possible Freddie feedback messages than the possible CU messages. The possible Freddie feedback messages can be found here: www.freddiemac.com/singlefamily/sell/pdf/UCDP_Proprietary_Messages.pdf
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Nevermind I found it.
I provided a different link that should work, but I am glad that you found it without my help...now you can see for yourself that these messages definitely did not come from CU. I suspect that they came from Freddie your local credit union just labels everything that they get from either Freddie or Fannie as CU in their system.

BTW, I am not a fan of Freddie's feedback messaging - It is my opinion that much of it is not focused on things that actually matter and it issues far too many false positives.
 
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