Fannie and Freddie - UMDP / UAD Forms Redesign Initiative - They ARE interested in appraiser input. Surprise!

[djd09]

when they do appraisals without a license, these transfers are injected into the market data as if they were normal. and then the fraud is repeated within typical transactions. it is quite ironic that you endorse the free lancing scum bag mortgage broker appraiser

 

[George Hatch]

Maybe so, if/when those properties are overvalued. The point remains that appraisals are based on what the buyers and sellers actually are doing, inclusive of their respective financing. Appraisals are not based on what the buyer should be doing if only the lenders weren't allowed to use waivers and non-appraisal valuations.

Personally I'd prefer to see an appraisal be required for every transaction with an LTV over 70%. But I'm just an appraiser and what I think about the lenders' underwriting doesn't matter to how they make these decisions. My personal opinions don't matter to them, my economic interests don't matter to them, and whether I thrive or starve doesn't matter to them.

 

[djd09]

yawn yawn yawn, you do gse?

 

[George Hatch]

Nope. And at the rate this is playing out, it won't be long before most of those appraisers who decline to adapt will also not be doing GSE appraisals.

Just out of curiosity, are you still doing appraisals? If not, how long has it been?

 

[djd09]

yes, the banksters can do what ever they want, such as predatory loaning, illegal foreclosures, and general criminal activity which would land most in prison

 

[George Hatch]

I agree with you. Illegal conduct should be investigated, prosecuted and punished to the full extent of the law.

That's not going to get you the fees you want, though.

 

[djd09]

since the gse's did not adopt the ivpi, they and the regulators had no intent to uphold firrea

 

[George Hatch]

The IVPI "agreement" was part of the original HVCC, not FIRREA. FIRREA never touched on the idea of any outside review protocol.

Do you think I should interpret your lack of response to my previous question about your appraisal activities as implying that you no longer perform appraisals?

 

[RCA]

ANY APPRAISER WHO GIVES A DAMN IS GOING TO WANT TO REVIEW THE REDESIGN AND GIVE INPUT TO THOSE CREATING THE FORMS!! It will take our jobs longer with some of the double entry pages and mind numbing, superfluous amount of detail that lenders/AMCs are suggesting. What is on the new redesign is PER ROOM/PER BUILDING COMPONENT of materials and conditions, types of lights (wall sconce, vanity, etc), ceiling height, efficiency ratings..the list goes on.

I wrote to both GSEs not to long ago to give a few suggestions about the URAR Redesign. I felt it was important as I would be directly affected even if the end game is to remove appraisers entirely.

I am asking all of you to write an email to either/both GSE, after reviewing the samples set forth. The emails are at the bottom of the PDF.

Within a couple weeks, a senior project manager from Freddie Mac asked if she could forward my info to the Fannie Senior Manager of ISF Collateral Risk. I was supposed to have a meeting last Tuesday, but I cancelled with a snarky email about appraiser data, GSE use of AVMs and desktops. Probably should have kept my meeting because he said he would have liked to “level set” the project with me. Whatever that means.

Point is, they were interested in my opinions, whether is screwed us in the end or not…we will still be around for a little while longer. Regretfully, I should have used that opportunity to maybe make our future a little easier.

When life gives you lemons….

Redesign sample is here. (Just look on the right side of the PDF - every time you see the Legacy Form - the Redesign Example will be next to it. No reason to read the whole thing$

We'll see. I would like to see the latest version of their new forms. I sent them a request. Let's see if they even respond.

What I see so far does not look interesting at all. I expect to see more open lines for custom adjustments. I am not seeing any at all now. It appears they are going in the reverse direction from where they should be going.

Well - two more years before they start limited production, whatever that is.

Anyway, I predict what you are going to see in the end, is a tight box that contains only what the GSEs want to see. The forms will be far worse than what we have now, because they exclude custom adjustments and ways to work around their goofy restrictions such as Q1-Q6, C1-C6.

I seriously doubt they are open to hearing anything they don't already agree with.

But to prove the point, one can try.

 

[George Hatch]

The "data entry" issues will be offset by the use of drop-downs, templates and boilerplate, to be edited as necessary. The redundant / double-entry issue has always been handled in the past by the software. I doubt any of that's going to change.