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Customary and reasonable fees - 90 days
- Thread starter Ann O'Rourke
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hastalavista
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- May 16, 2005
- Professional Status
- Certified General Appraiser
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- California
Fannie's practice in the past is to make an announcement when there is a noteworthy change.
I now (thanks to this topic.. and it is a good thing) have read each announcement back to late 2008. I re-read the most recent announcement that concerned itself with appraisal changes.
There is nothing I found that announces a significant change in type of documentation the appraiser is to be provided, and nothing specifically that states lenders in the past have not been required to provide the appraiser with the settlement statements but now they are required to do so.
It just doesn't fit with Fannie's past practices to make significant changes without including an announcement.
I wish there was a source I could contact at Fannie. I had two sources before, but they are long-gone.
You are going to DC in a few weeks? If it is feasible and fits within your game-plan, maybe part of your contingent can be tasked to meet with an information officer at Fannie (maybe that's already on the agenda)? The name at the bottom of the 6/30/2010 appraisal memo is
John S. Forlines
Vice President
Single-Family Chief Risk Officer
If anyone can get an email address, I'd be happy to follow-up on this issue. PM me.
I now (thanks to this topic.. and it is a good thing) have read each announcement back to late 2008. I re-read the most recent announcement that concerned itself with appraisal changes.
There is nothing I found that announces a significant change in type of documentation the appraiser is to be provided, and nothing specifically that states lenders in the past have not been required to provide the appraiser with the settlement statements but now they are required to do so.
It just doesn't fit with Fannie's past practices to make significant changes without including an announcement.
I wish there was a source I could contact at Fannie. I had two sources before, but they are long-gone.
You are going to DC in a few weeks? If it is feasible and fits within your game-plan, maybe part of your contingent can be tasked to meet with an information officer at Fannie (maybe that's already on the agenda)? The name at the bottom of the 6/30/2010 appraisal memo is
John S. Forlines
Vice President
Single-Family Chief Risk Officer
If anyone can get an email address, I'd be happy to follow-up on this issue. PM me.
- Joined
- Feb 14, 2002
- Professional Status
- Certified Residential Appraiser
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- Louisiana
And what's that positive part? The "customary and reasonable" fee which is still up in the air? In all seriousness, considering all of the negatives (which the HR 4173 supporter still refuse to even discuss) this is not a fair trade off.
So when appraisers start complaining about the new federal agency handling all of the phoney-balony complaints we can say "At least you got a customary and reasonable fee?" And the saddest part, per some in this thread an appraiser who accepts less or more than what some survey says is C&R is in violation of federal law! Man, ain't that a witch.
If appraisers start complaining about licensed AVMs running them out of business we can remind them "Hey, just be glad you're getting customary and reasonable for the two assignments a month that the licensed AVMs aren't taking."
And it's anyone's guess as to what the GAO study is going to do to us.
Meandering
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Denis,
I'll see what I can do but our schedule in Washington is very tight already. I am not close to DC and will be leaving here about midnight and expect to be back around midnight the following day.
Much as I would love to run down the Fannie people, it is not easy getting around the downtown district when you don't know which building you're looking for because they don't post the street numbers anywhere on the buildings that I can see from the car, without running over, or into, somebody.
I think we need to ask our questions electronically because I don't see time left in the day to find their buillding and the correct person to ask this question of.
I'll see what I can do but our schedule in Washington is very tight already. I am not close to DC and will be leaving here about midnight and expect to be back around midnight the following day.
Much as I would love to run down the Fannie people, it is not easy getting around the downtown district when you don't know which building you're looking for because they don't post the street numbers anywhere on the buildings that I can see from the car, without running over, or into, somebody.
I think we need to ask our questions electronically because I don't see time left in the day to find their buillding and the correct person to ask this question of.
hastalavista
Elite Member
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- California
I figured you had a full agenda but did not know if the GSEs were on it.
Perhaps we'll get lucky; several people who work for the GSEs read this forum; if they see this maybe they can point us toward the appropriate source who can answer the question (or, point the source toward the forum).
Good luck on your trip!
Meandering
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Thanks,
Luck is always needed and helpful. Keep your fingers crossed we can get done what we're setting out to accomplish.
Luck is always needed and helpful. Keep your fingers crossed we can get done what we're setting out to accomplish.
Elliott
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https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/0830.pdf
"Requirement to Provide the Sales Contract to the Appraiser
Selling Guide, Part XI, Chapter 2: Appraisal (or Property Inspection)
Documentation
Fannie Mae requires the lender to ensure that it provides the appraiser with all
appropriate financing data and sales concessions for the subject property that will be, or
have been, granted by anyone associated with the transaction. Typically this information
is contained in the sales contract; however, Fannie Mae currently does not require that the
lender provide the appraiser with the sales contract. Fannie Mae is adding the
requirement that lenders must provide the appraiser with the sales contract and all
addenda, therefore ensuring that the appraiser has been given the opportunity to consider
the financing and sales concessions in the transaction and their effect on value. If the
sales contract is amended during the process, the lender must provide the updated
contract to the appraiser."
"Requirement to Provide the Sales Contract to the Appraiser
Selling Guide, Part XI, Chapter 2: Appraisal (or Property Inspection)
Documentation
Fannie Mae requires the lender to ensure that it provides the appraiser with all
appropriate financing data and sales concessions for the subject property that will be, or
have been, granted by anyone associated with the transaction. Typically this information
is contained in the sales contract; however, Fannie Mae currently does not require that the
lender provide the appraiser with the sales contract. Fannie Mae is adding the
requirement that lenders must provide the appraiser with the sales contract and all
addenda, therefore ensuring that the appraiser has been given the opportunity to consider
the financing and sales concessions in the transaction and their effect on value. If the
sales contract is amended during the process, the lender must provide the updated
contract to the appraiser."
Mike Kennedy
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hastalavista
Elite Member
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- California
Meandering
Elite Member
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- Real Estate Agent or Broker
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- Pennsylvania
Elliott,
That is the 2008 version, you need the 2010 version, because they are different. See how different what the older guide says as opposed to the newer guide.
Contact Us
Fannie Mae is committed to providing information to our customers and other interested parties in a manner that is the most convenient. If you need to contact us, please carefully review the department descriptions below to determine which one best suits your needs.
If you are a consumer, please call the Fannie Mae Resource Center at 1-800-732-6643 for further assistance.
Send written correspondence to Fannie Mae's Corporate Headquarters:
Fannie Mae
3900 Wisconsin Avenue, N.W.
Washington, D.C. 20016
Related Links In:
Contact Us
E-Mail Form
http://www.fanniemae.com/contact/index.jhtml?p=Contact
That is the 2008 version, you need the 2010 version, because they are different. See how different what the older guide says as opposed to the newer guide.
Contact Us
Fannie Mae is committed to providing information to our customers and other interested parties in a manner that is the most convenient. If you need to contact us, please carefully review the department descriptions below to determine which one best suits your needs.
If you are a consumer, please call the Fannie Mae Resource Center at 1-800-732-6643 for further assistance.
Send written correspondence to Fannie Mae's Corporate Headquarters:
Fannie Mae
3900 Wisconsin Avenue, N.W.
Washington, D.C. 20016
Related Links In:
Contact Us
E-Mail Form
http://www.fanniemae.com/contact/index.jhtml?p=Contact
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