Fannie Desktop FAQ

[Overimprovement]

So Fannie now has a FAQ on its page:

https://singlefamily.fanniemae.com/...31211&utm_content=42594406&sfmc_id=2109731685

My big question:

It states interior pictures MAY have to verified via disinterested party unless live walkthrough is done. Uh, how exactly is that supposed to be accomplished?

It also states interior room dimensions are NOT needed, only exterior dimensions, and it does verify that ANSI need not be used. It mentions scanning apps twice, so it seems that is their solution to where all these floorplans will come from. I say let the agents do it. The FAQ basically says if a scanning app is used, it does NOT need to be verified.

Thoughts?

 

[nicholz12]

Just read the FNMA FAQ. Agree with you,
First part of the FAQ states anyone can provide the interior sketch/interior pics... further on states that any data provided by parties with financial interest in sale /financing must be verified by 'disinterested' party. And just how is that going to playout???
When just about everyone that can provide the information on the sketch and pics is an interested party.

 

[The Bob]

How do you reconcile these two statements:

• No physical inspection of the subject property; data may be provided by various parties (buyer/seller agent, homeowner, builder, appraiser files, etc.) and through secondary data sources (public records, MLS, internet, etc.).

• Data provided by parties with a financial interest in the sale or financing of the subject property must be verified by a disinterested source.

 

[shrubberyvaluation]

So Fannie now has a FAQ on its page:

https://singlefamily.fanniemae.com/...31211&utm_content=42594406&sfmc_id=2109731685

My big question:

It states interior pictures MAY have to verified via disinterested party unless live walkthrough is done. Uh, how exactly is that supposed to be accomplished?

It also states interior room dimensions are NOT needed, only exterior dimensions, and it does verify that ANSI need not be used. It mentions scanning apps twice, so it seems that is their solution to where all these floorplans will come from. I say let the agents do it. The FAQ basically says if a scanning app is used, it does NOT need to be verified.

Thoughts?

Do we have to bug the home inspector? I'm not familiar with these scanning apps. Is there a way they could use the app on a different house and misrepresent it as the subject, especially if they look similar from the exterior?

 

[CGinMN]

How do you reconcile these two statements:

• No physical inspection of the subject property; data may be provided by various parties (buyer/seller agent, homeowner, builder, appraiser files, etc.) and through secondary data sources (public records, MLS, internet, etc.).

• Data provided by parties with a financial interest in the sale or financing of the subject property must be verified by a disinterested source.

With an AMC, of course!

 

[Terrel L. Shields]

AY have to verified via disinterested party unless live walkthrough is done. Uh, how exactly is that supposed to be accomplished?

Don't ask the hard questions. It's all about deflecting blame upon the lender. It's always the appraiser's fault. So if you are put in a position where every assignment requires you to either violate USPAPs requirements to "verify" everything in a report, or spend even more time on an appraisal than if you walked through it yourself...

of course, Clear Crapital says "up to 50%" of the time is saved in turn time....really? What a laugh.

 

[Overimprovement]

Honestly, the way I read this, the only acceptable way to do these is for the appraiser to do a live visual walkthrough of subject with someone. I don't see any appraiser wanting to do this, except for the most distant properties.

 

[Overimprovement]

So if you are put in a position where every assignment requires you to either violate USPAPs requirements to "verify" everything in a report, or spend even more time on an appraisal than if you walked through it yourself...

I will finish your thought

...then obviously the choice will be to JUST SAY NO.

It's not just USPAP being violated, it would Fannie's own SOW as well, per the FAQ. How in the world are we getting 'disinterested' information about the interior of the house? Fannie did not include that in their FAQ sadly.

 

[alebrewer]

Do we have to bug the home inspector? I'm not familiar with these scanning apps. Is there a way they could use the app on a different house and misrepresent it as the subject, especially if they look similar from the exterior?

Supposedly, the virtual inspection apps are capable of geolocating to an accuracy level that it can't be any property but the subject. Not sure how that works, though.

 

[Overimprovement]

Supposedly, the virtual inspection apps are capable of geolocating to an accuracy level that it can't be any property but the subject. Not sure how that works, though.

The FAQ states that the floorplan will NOT need verified if done via app, since the software the apps use are generally disinterested. So IF an app is used by anyone to floorplan, those are exempt from verification.

Its the other parts that are still up in the air, as is the notion of WHO will be getting these floorplans done.