FANNIE MAE Announcement

[Francois K. Gregoire]

Hi All, *LINK FIXED*

Just received a copy of an announcement sent by Fannie Mae to Lenders yesterday.

You will have to decide for yourselves, but I believe it is filled with good news. Page 3 is particularly interesting. Also there is some good clarification of Updating an Appraisal Report on Page 5.

Six Page PDF file

*FANNIE ANNOUNCEMENT*

 

[David S. Roberson]

Frank,

Do you have to register with this group to see this?

 

[Francois K. Gregoire]

Frank,

Do you have to register with this group to see this?

Dave,

If I set up the group correctly, all files should be available without registration.

 

[Bill S]

Frank, I tried but couldn't get past the Yahoo registration.

 

[Francois K. Gregoire]

Hi All, *LINK FIXED*

Six Page PDF file

*FANNIE ANNOUNCEMENT*

The LINK to the Fannie Mae Announcement REALLY is fixed. Due to my dumb error, the file was originally available only to FAR Appraisal Council Subscribers. (Hey, it was past midnight when I tried to fix it the first time!)

Please let me know of any problems with the link. The PDF file does take a little while to load, so be patient.

 

[Jo Ann Meyer Stratton]

Frank:

THANK YOU, THANK YOU, THANK YOU!!!

I had received notice of the announcement through AllRegs but could not find it on the internet.

Of course I am extremly pleased about the last paragraph under Appraising Factory-Built Housing! The rest of the info in that section is also very interesting and hopefully will clear up a lot of confusion out there!

And the section of Updating an Appraisal Report is excellant. But I guess we still have to continue to include an USPAP Compliance addendum in every report because Fannie Mae still wants the 1993 version, regardless of the Appraisal Foundation.

Would you consider posting your link over on the NAIFA chat rooms? There has been some great discussion (appreciate your participation!) in both the HUD and USPAP sections.

 

[Ruth Langkawel]

Thank You so much for the link to this uplifting message :!:

NOW: I'm printing this off, highlighting the require procedures that my quick and cheap competitors can't be doing (not for those fees or verifying in that turn time), and I will be mailing color copies of it to every appraiser that I can find in my area. If you get one, don't be insulted - the intent of the mailing is informational. I don't want to eliminate my competitors. I merely want to be competing with the same product.

Anybody still want to do those $175 appraisals :?:

 

[Nancy in Friday Harbor]

Frank,
Thanks very much for the link!!!
At the suggestion of a USPAP instructor, I'm one who has included some additional limiting conditions.............I guess I'll stop doing THAT! Would hate to think a report I'd done in good faith and following USPAP wouldn't be acceptable! The harder we try, the tougher it seems to get! :?
Cheers,
Nancy

 

[Dave Smith]

Forumites:

I've posted this site before but here it is again, for those of you that like to know more about the guidelines than the underwriter. Also called CYA.

http://adfweb1.adfinet.com/cgi-bin/web_regs?1^FNMAA

It is necessary to register but its free and very easy to navigate. After registering navigate to the Fannie Mae Announcements link, and the to the 2002 announcements. You will find the Announcement 02-02 there.

The rest of the site is worth spending some time with. I have forwarded info from the site to lenders and underwriters when there are questions about the guidelines. Doing so has proven my position on things when the UW was unrelenting.

Definitely worth registering for.

Have a good weekend.

 

[David Mullen]

Frank

Thanks for posting this letter.

Now if HUD would only do the same thing, we might finally see a real improvement in quality and eventually, improve our image.

Between the two agencies, a high percentage of appraisals would be covered.