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Fannie Lowering Waiver Requirements

Some of yous use the wrong term here. When any business gets the support of the government over other businesses, that's called fascism.

This is not capitalism, although to avoid being called a capitalist monopoly, fannie does all the good things for the poor and discriminated. Do not look behind the curtain.
 
What kills me is the 97% or 115% or whatever is based on.
I guess whatever Fannie says market value is. What if I say market value is 400K and Fannie says it is 600K?

Or vice versa. What if a professional appraiser says market value is $600k and Fannie says market value is $400K?

Something about that is not kosher.
 
The system has bias written all over it.
 
My guess the only people doing full appraisals in the future are local banks that will hold the loan in house. The day of secondary market appraisals is about gone. Yet how can it be they dominate the type of forms we use and how we use them. I am basically retired. I did some work in the past 3 months to help out a fellow appraiser going through some knee surgery. I’m glad 80% of my work was private work. I now remember how much I hated the UAD nonsense. But all we have done for the past 10 years is become a data source for Fannie so they can eliminate us. I’ve kind of decided that if I go back into a kind of part time business it will only be for private work. The pay is better, and the BS is less. I really do think it is time for the GSEs to be set aside and broken up. They must go completely private without any public backing. Sink or swim on their own, because that’s the only way they will not take undue risk simply to fill their coffers.
 
Unrestrained capitalism is not written into the AMerican
Zoe said:
What kills me is the 97% or 115% or whatever is based on.
I guess whatever Fannie says market value is. What if I say market value is 400K and Fannie says it is 600K?

Or vice versa. What if a professional appraiser says market value is $600k and Fannie says market value is $400K?

Something about that is not kosher.
Click to expand...
I recommend reading about the WAIVER program. (now called value acceptance)

Fannie does not decide the market value. Fannie runs an AVM and gets a range, Lets say 400k-450k . The lender wrote in a value estimate of 445k - by a loan officer. Since the 445k is within the AVM range, then 445k is the property value, which is then accepted by the parties. Thus, they now call a WAIVER "value acceptance."

The above applies to a sale contract price as well - as long as the SC price falls in the AVM range, the sC price is the property value for the loan,


I don't know if they even call it market value - I

To sum up, as long as it fits somewhere in the range of a Fannie or freddie AVM, the lender estimate of value or the SC price, are the values for the LTV% of the loan.
 
All seems like reality to be, to me. I'm not looking behind the curtain. Anyone here still thinking 2 years from now, new uad, hoping to be in it full time.

Hey J grant, maybe call it an accepted risk range value.
 
I'm probably almost not. typical, but I have a 2% and 3% mortgage that Fannie bought. I will continue to send them a check, along with 100-million other homeowners for the next 10 to 20-years. So they have an income stream, but they 'essentially' owe the government, let's say, $3 trillion, and the income stream is only worth 1.5 trillion. So the US tax payer (our grandchildren) will have it thrown on the national debt and someone will make it an IPO that will make one hundred billionaires and extra few billions. (numbers are just rough estimate and no liability is assumed).

I hope this one doesn't slip by the Doge Bros. Fannie has 8,100 employees and Freddie 6,900 at last count. : )
 
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