Fannie Mae Findings/UCDP

[CGinMN]

Did they provide any additional commentary other than attaching the SSRs? The appraisal quality risk flag can fire for any number of reasons. It is different from the undervaluation and overvaluation risk flag. I don't have actual stats but I wouldn't be surprised if it fired on 5-10% of all reports. If it is bothering you reach out to the AMC for further explanation.

 

[J Grant]

Perhaps an appraisal risk flag can mean the attribute of the property rather than the appraisal.

 

[glenn walker]

Did they provide any additional commentary other than attaching the SSRs? The appraisal quality risk flag can fire for any number of reasons. It is different from the undervaluation and overvaluation risk flag. I don't have actual stats but I wouldn't be surprised if it fired on 5-10% of all reports. If it is bothering you reach out to the AMC for further explanation.

Perhaps an appraisal risk flag can mean the attribute of the property rather than the appraisal.

That is true almost all Rural we fed into the system were rated high risk.

 

[glenn walker]

They shared the findings with the OP as a way to let him know he will no longer be used. its really as simple as that because if the appraiser complains all they have to do is state thats the reason for no longer usng his services. Is this Fair ? No but it covers their Azazel's

 

[CGinMN]

CU is literally just an appraisal review tool, and most of the time the flags are of little value. It shouldn't ever be used unfiltered, or as evidence that a report is deficient, without additional analysis by a trained underwriter, or ideally an appraiser. That AMCs and lenders are abusing it to justify second appraisals or to remove appraisers should be no surprise. I have heard even Fannie's reviewers do this.

 

[glenn walker]

CU is literally just an appraisal review tool, and most of the time the flags are of little value. It shouldn't ever be used unfiltered, or as evidence that a report is deficient, without additional analysis by a trained underwriter, or ideally an appraiser. That AMCs and lenders are abusing it to justify second appraisals or to remove appraisers should be no surprise. I have heard even Fannie's reviewers do this.

When the CU Fails a report we would send it to a reviewer to see what he/she thought about it. No appraisal was ever rejected unless it was so bad a score we could not sell the loan to Fannie.

 

[Non Sequitur]

 

[Elliott]

KJL,
Welcome to the wonderful world of appraising. There are a number of echelons above us that don't have to explain or prove anything and they have their own agendas. Any appraiser who's been in the business for a few years will have encounters from somewhere, somehow, that have nothing to do with the credibility of a report.