• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Fannie Mae Letters

Status
Not open for further replies.

swapp

Sophomore Member
Joined
Jul 9, 2012
Professional Status
Certified Residential Appraiser
State
Arizona
I got one of the dreaded warning letters last month. Has anyone else who received one willing to discuss their experience with this. From what I've read the warning letters give the appraiser a chance before being put on 100% review or blacklisted. Since receiving this letter I have had hardly any work come in, and what has is mostly from one client. Is it just an unfortunate coincidence with it being holidays, election, etc etc.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Sorry to hear this. I think I read one prior post where an appraiser received a similar letter. You might want to use the forum search tool and see if you can find it (my memory says it was within the last 12-months).

Sometime in the future, if you think it appropriate and are willing, maybe you can post what kinds of things caught Fannie's attention? That could benefit us all.

Good luck!
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
Excellent memory Denis-

http://appraisersforum.com/forums/threads/received-a-warning-letter-from-FNMA.213475/
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Good work, Greg.
(3-months ago... seemed like a year ago! :cool:).

I think we all knew about the warning letters but I thought the warning letter was just that; a warning and not an inclusion on any mandatory review list or per-mandatory review list.
Otherwise, the warning letter isn't much of a warning; it is an opening salvo that scores a hit.
 

swapp

Sophomore Member
Joined
Jul 9, 2012
Professional Status
Certified Residential Appraiser
State
Arizona
Thank you, I appreciate that. I will read through it. I searched a week or so ago and found most concerned with quality ratings. When these first started getting sent out I was under the impression thousands of appraisers got them, but I don't see much activity on the forums regarding receiving one. My letter referred to my too consistent GLA adjustments; their systems found too many similar GLA adjustments based on a sampling of my work. I get it. To give a brief description of my typical workload (so others don't think I'm completely incompetent), I live in an area that enables me to appraise mostly cookie cutter homes, ie. easy. There are few wide ranges in prices, few differences, etc etc. I wont go into all of that here though unless someone would like to discuss it. Guess I just have to do the best I can and hope as they continue to do their random reviews are satisfied with the improvements I've made.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Good work, Greg.
(3-months ago... seemed like a year ago! :cool:).

I think we all knew about the warning letters but I thought the warning letter was just that; a warning and not an inclusion on any mandatory review list or per-mandatory review list.
Otherwise, the warning letter isn't much of a warning; it is an opening salvo that scores a hit.
The letters are exactly that, a warning letter. Fannie Mae does not inform lenders or anyone else about which appraisers are sent warning letters. Only if and when an appraiser is put on the AQM list (which means Fannie either will not accept appraisals from that appraiser or will review 100% of that appraiser's work) would lenders find out. It should be noted that Fannie has been extremely careful about placing appraisers on the AQM list and only a very small number of appraisers have been added to the list. It seems that Fannie would much rather have an appraiser correct his or her deficiencies than add someone to the list.
 
Last edited:

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Thank you, I appreciate that. I will read through it. I searched a week or so ago and found most concerned with quality ratings. When these first started getting sent out I was under the impression thousands of appraisers got them, but I don't see much activity on the forums regarding receiving one. My letter referred to my too consistent GLA adjustments; their systems found too many similar GLA adjustments based on a sampling of my work. I get it. To give a brief description of my typical workload (so others don't think I'm completely incompetent), I live in an area that enables me to appraise mostly cookie cutter homes, ie. easy. There are few wide ranges in prices, few differences, etc etc. I wont go into all of that here though unless someone would like to discuss it. Guess I just have to do the best I can and hope as they continue to do their random reviews are satisfied with the improvements I've made.

It sounds like you are using canned statements and same adjustments over and over. Correct me if I am wrong, but that's how it sounds. Perhaps slow down a bit, analyze more what the properties are and differences are. I understand you like in an area of mainly conforming homes, but your classing them as "cookie cutter " and easy sounds a bit too pat...it's nice to live in an area like that, but the properties may not be as cookie cutter, nor market conditions so perfectly in line as perhaps your treatment of them are. Are there no short sales, REO's, or bidding wars, or under supply or over supply?? No homes are more upgraded than others? Usually something is present that deserves attention and individual comments in a report.

I don't know your volume level. But I have heard that Fannie is noticing appraisers with unusually high volume levels to look at their work.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Use a sensitivity adjustment calculator, to the dollar, cut and paste in report. That way while within a narrow range , it changes with most reports. This is one posted here years ago. Subtract out land outbuildings and major differences (garage, pool,etc.). File is an xls within a zip file
 

Attachments

  • Auto Calc & Display GLA Adj-2.zip
    80.5 KB · Views: 80

swapp

Sophomore Member
Joined
Jul 9, 2012
Professional Status
Certified Residential Appraiser
State
Arizona
Thank you, much appreciated!
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks