Fannie Mae and "Multiple Parcels"

[Mr Rex]

Can't disregard it in the value conclusion either, which essentially IS what they were asking. And with which you apparently agree.

Again, sales like this happen all the time, so the market recognizes and accepts it. There is data to support a value opinion. USPAP's "strict" definition is outdated and needs to be addressed. Fannie Mae just ***** slapped USPAP purists and it hurts them so bad. The market speaks and as the largest participant in the market the big girl carries alot of weight. It will be addressed in the next USPAP update and likely in the next monthly or quarterly from USPAP. It will be a little sheepish, fawning, and forgiving. Want to wager?

 

[J Grant]

On Tuesday 1/8 I learned that Fannie is working on a "clarification" as to their recent statement regarding this issue.

Stay tuned.

They are trying to clarify it using goo goo infant language or colored blocks- since some can not get their minds around it ... I also heard they are making a hotline the PTSD it is inflicting on appraisers .

 

[George Hatch]

Again, . USPAP's "strict" definition is outdated and needs to be addressed. Fannie Mae just ***** slapped USPAP purists and it hurts them so bad. The market speaks and as the largest participant in the market the big girl carries alot of weight. It will be addressed in the next USPAP update and likely in the next monthly or quarterly from USPAP. It will be a little sheepish, fawning, and forgiving. Want to wager?

I'll take that bet. $5

Again, i think you're kind of missing the point. Your comment would more accurately read "sales like this happen all the time, so the market sometimes recognizes and accepts it. There is data to support a value opinion"

Sometimes yes, sometimes no - it depends; which is why the more accurate answer will be it depends. Surely you can agree with that much?

 

[George Hatch]

The ASB is not immune to current or long-standing appraisal issues.

http://www.omagdigital.com/publication/?i=523612&article_id=3178504&view=articleBrowser&ver=html5#{%22issue_id%22:523612,%22view%22:%22articleBrowser%22,%22publication_id%22:%2235955%22,%22article_id%22:%223178504%22}

He just repeated the party line as it has existed all along.

 

[Carnivore]

This is a good source for inclusion in your Web Link Library:

https://www.FDIC.gov/regulations/laws/rules/5000-4800.html

 

[Mr Rex]

We have lost several heavy hitter folks here at the AF due to pig headed folks with mis-guided agendas IMHO, Santora and DW come immediately to mind. I don't think Lee or George are pigheaded but apparently are so invested in strict interpretation of USPAP that they have tunnel vision. I was raised as a Southern Baptist and my mother currently attends a Baptist church that has adopted the idea that the Bible is without errors, even though it has been changed through translations over the years. I have questions and issues with that book as well as USPAP. The version of the Bible she uses says all Buddhist and Hindus are going to hell because they have not accepted Jesus Christ as their Lord and Savior. I can't accept that. USPAP likewise is not static and should be reflective of market realities. Not wanting to get all preachy, except the USPAP "purists" have a mirror image in religious circles and it does not reflect well on them or their mirror images... Rant off...

 

[George Hatch]

Again, there's nothing in USPAP or the fundamentals of appraising that intrudes on Fannie's ability to make their own decisions on these properties.

(some) appraisers are simply reluctant to call it MV if that's not what they're doing. Changing USPAP isn't going to alter that simple fact. Changing the uniform standards applicable across all appraisal priactice in submission to Fannie isn't going to alter that simple fact.

Fannie is not an appraisal entity.

 

[Mr Rex]

I'll take that bet. $5

Again, i think you're kind of missing the point. Your comment would more accurately read "sales like this happen all the time, so the market sometimes recognizes and accepts it. There is data to support a value opinion"

Sometimes yes, sometimes no - it depends; which is why the more accurate answer will be it depends. Surely you can agree with that much?

Apparently it happens often enough that the largest mortgage entity in the galaxy needed to speak their piece. If sometimes happens often enough, it becomes all the time in some folks eyes, particularly the largest player in the game. Surely you can agree with that much?

 

[George Hatch]

The IRL occurrence of the "sometimes" is all it takes to justify always considering a specific situation individually and to never assume. The act of merely looking doesn't guarantee how the property will actually end up getting valued, it just contributes to the idea that the appraiser will not simply jump straight to the assumption in lieu of developing their own opinion.

You coming to your conclusion after careful consideration > you assuming the conclusion without even looking

 

[Mr Rex]

Nice wording of a non response. You really ought to run for office. You can turn a phrase. ME I don't give a rats arse over PC, I just observe and report. (FNMA has just ***** slapped USPAP purists and the "elite" are up in arms) I have the upmost response for GH, but we will continue to butt heads on this issue. FNMA will win, the USPAP purists and probably the AI twill **** and moan and still lose. I expect an immediate response from the USPAP police. Good for you that you haven't been run off. Don't accept a job with a Lender or Gov't or you are toast.