Distance of Comps

[Hal Mann]

Rooted in ignorance...

Here's where I disagree. Every report I've seen on the FNMA (through my review work) discusses which FNMA guidelines are exceeded. Why would the appraiser be putting such information in a report if it wasn't potentially going to FNMA?

Someone could make that argument that these guidelines are generally accepted appraisal guidelines, but that is really not true. For example, most of the appraisal reports prepared for court (including my own) do not address FNMA guidelines, because they are not a possible intended user.

I think many appraisers do this (even when the appraisal is not intended for Fannie) because they simply don't know any better. It's the way they learned it, it's the way they've always done it, and it's the way they will continue to do it. To these ignorant folks, it is generally accepted appraisal practice.

 

[Fred]

In case someone else posted this and I missed it, the word “mile” doesn’t appear in Part VII of the Fannie guidelines?

 

[Pamela Crowley (Florida)]

In case someone else posted this and I missed it, the word “mile” doesn’t appear in Part VII of the Fannie guidelines?

:new_rofl: WHY is that so difficult to remember? Where did that 1 mile "guideline" that doesn't exist come from to begin with???

 

[Mike Garrett RAA]

Yeah, where did that "1 mile" thing come from? Can't find it in Fannie Underwriting Guide (albeit an older one) or Harrison's Illustrated Guide which was for the 6/93 Form 1004.

I still contend many appraisers will be using the new Fannie Mae 1004 for appraisals that will end up in places other than Fannie Mae. As an example, VA and FHA both require the use of the new form and it isn't going to Fannie.

Other organizations, such as ERC also require the appraiser to follow certain parts of the Fannie guidelines even though the appraiser isn't even using the Fannie form.

 

[Pamela Crowley (Florida)]

The Fannie forms are just fine for mortgage lending of any kind (with the exception of some of their 'certifications').

IMO, they are NOT appropriate for anything that is not for mortgage lending.

 

[xm72mhd]

Edd, here's where I disagree with you. Mainly because I was on the telephone last night at 8 pm explaining, AGAIN, the virtues and realities of CB4 and the fact that the appraisal report was already based upon "AS IS" even with CB4. It, as is usual, turns out that this Chief LO was getting his directive from the UW. I was kind enough to give him Joe M's telephone number in Dallas and suggested that the UW call him direct to get it from the horse's mouth because I WOULD NOT change the report! So my disagreement is in reference to fannie educating the UW's - we, the appraisers, are having to do that!

I think I just decided to disagree with myself too, especially since I just noticed that this thread has to do with some kind of 1 mile invention.

And I think we appraisers do need to be the educators and communcators.

What the he(( is a CB4? Could it be that new, pesky, little, CYA check box on the new and improved URAR?

 

[Ms. Janet]

I think I just decided to disagree with myself too, especially since I just noticed that this thread has to do with some kind of 1 mile invention.

:new_rofl:
stay loose Edd, Ray's sending the mothership back your way.........................

 

[xm72mhd]

:new_rofl:
stay loose Edd, Ray's sending the mothership back your way.........................

So a CB4 is a mothership? I should have known it was some kind of a airplane model like a B-29 or a X-14. Does Ray have license for that too, or is this a Han Solo adventure? Either way is fine if I can just get back. Do they carry barf bags on a CB4?

Geez, I know form fillers have to write a lot in a small space, but is there some kind of a dictionary of acronyms out there?

 

[Ms. Janet]

Do they carry barf bags on a CB4?

sorry, no freebies..............you have to buy them from Fannie....................:icon_razz: :icon_razz:

 

[xm72mhd]

Another supplemental standard.