Fannie Mae Findings/UCDP

[KJLhoxtrot]

I recently completed a condo sale for an AMC. When it was finally finished, w/couple minor revisions, a UCDP Submission Summary Report was attached to the order.
At the bottom of this report, under Fannie Mae Proprietary Edit Findings, there is warning description that reads "There is a heightened risk of appraisal quality issues."
There were no other issues, warnings or edit findings. Just this and it's been bothering me ever since.

I was especially frustrated to see this because this specific Appraisal Report is one of the most thorough reports I've ever completed. If not, the most thorough report. As of matter of fact, one of the reasons this report was so thorough was because my final opinion of value was $20k lower than the contract price ($290k). I went above & beyond in reporting my lower opinion of value and had plenty of extra comments, reliable data and good, recent, sales. I would even say abnormally good sales.
If I'm being honest, I don't exactly know what Fannie Mae Proprietary Edit Findings are, how they come to be, or if who writes them is even human. But to see this message attached to this specific report, has really been bothering me. I'm beginning to wonder if I'm just bad at this and nobody has the heart to tell me.
Side Note: This appraisal was for an AMC I've worked with quite a bit in the past, although this was my first for this particular lender. I haven't received any work from this AMC since this appraisal. It's been almost two months. Is there a connection? What exactly does the UCDP Submission Summary Report mean? Who writes it? Can I contact them and ask questions?

 

[The Bob]

"As of matter of fact, one of the reasons this report was so thorough was because my final opinion of value was $20k lower than the contract price ($290k)."

What does this mean?

 

[glenn walker]

I recently completed a condo sale for an AMC. When it was finally finished, w/couple minor revisions, a UCDP Submission Summary Report was attached to the order.
At the bottom of this report, under Fannie Mae Proprietary Edit Findings, there is warning description that reads "There is a heightened risk of appraisal quality issues."
There were no other issues, warnings or edit findings. Just this and it's been bothering me ever since.

I was especially frustrated to see this because this specific Appraisal Report is one of the most thorough reports I've ever completed. If not, the most thorough report. As of matter of fact, one of the reasons this report was so thorough was because my final opinion of value was $20k lower than the contract price ($290k). I went above & beyond in reporting my lower opinion of value and had plenty of extra comments, reliable data and good, recent, sales. I would even say abnormally good sales.
If I'm being honest, I don't exactly know what Fannie Mae Proprietary Edit Findings are, how they come to be, or if who writes them is even human. But to see this message attached to this specific report, has really been bothering me. I'm beginning to wonder if I'm just bad at this and nobody has the heart to tell me.
Side Note: This appraisal was for an AMC I've worked with quite a bit in the past, although this was my first for this particular lender. I haven't received any work from this AMC since this appraisal. It's been almost two months. Is there a connection? What exactly does the UCDP Submission Summary Report mean? Who writes it? Can I contact them and ask questions?

Its machine generated and yes you may have been de-listed by that AMC.

 

[KJLhoxtrot]

"As of matter of fact, one of the reasons this report was so thorough was because my final opinion of value was $20k lower than the contract price ($290k)."

What does this mean?

I think you know exactly what it means.

 

[KJLhoxtrot]

I think you know exactly what it means.

"As of matter of fact, one of the reasons this report was so thorough was because my final opinion of value was $20k lower than the contract price ($290k)."

What does this mean?

If your opinion of value is way below the agreed upon purchase price between a buyer & seller, I think it's important to go above and beyond your due diligence to support that opinion.

 

[glenn walker]

I think you know exactly what it means.

OK lets be real you came in $20 K Low and no matter how good the report it was probably reviewed by the AMC or Lender and they found every flaw they could no matter how good.

Then they ran it through UCDP and it was rated as " High Risk " Now you are no longer in
rotation at that AMC and they attached the UCDP Report to support their reasoning to let you loose.

 

[TerryRohrer]

Collateral Underwriter, What’s Under the Hood? - AppraisersBlogs

FNMA has a fascination for patenting garbage, & implementing it as policy! FNMA simply LIED! Collateral Underwriter IS an automated ‘appraisal review’.

appraisersblogs.com

 

[J Grant]

If your opinion of value is way below the agreed upon purchase price between a buyer & seller, I think it's important to go above and beyond your due diligence to support that opinion.

The support/due diligence wrt r our value opinion should be the same ( high level ) whether it is below above,, or the same as a SC price. The only difference is to provide an explanation wrt the price and your value.
The problem I see that indicates a weak appraisal are using only 3 comps, no or weak explanation of reasoning, failure to bracket key features.

I Fannie goes on a witch hunt for values below SC price we are all doomed, that would be bordering on malfeasance, and I hope that is not the case.

 

[J Grant]

OK lets be real you came in $20 K Low and no matter how good the report it was probably reviewed by the AMC or Lender and they found every flaw they could no matter how good.

Then they ran it through UCDP and it was rated as " High Risk " Now you are no longer in
rotation at that AMC and they attached the UCDP Report to support their reasoning to let you loose.

High level malfeasance from the AMC and if Fannie conspires knowingly in trying to destroy an appraiser career in that fashion I don't even know what to say.

 

[glenn walker]

The safest value is the Purchase Contract