• 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 Question

Status
Not open for further replies.

mollyb

Thread Starter
Freshman Member
Joined
Mar 3, 2008
Professional Status
General Public
State
Michigan
Hi-I'm new to posting here but read frequently as my husband is an appraiaser. I have a question that I hope someone can answer. One of my husbands clients called this a.m. & told him that they can no longer send work to him because he is not a Fannie Mae approved appraiser. He has been doing business with this client for years. According to the client, they can only do business with FM approved appraisers since if a property they lend on goes into foreclosure in the future, there will be no questions asked?! :shrug: (Any lender runs that risk). But they are going to have to send their work to the one appraisal company approved for this area unless my husband can get approved. I read on FM website that you are welcome to apply but that they only add appraisers when needed. Has anybody heard of this?
 

Tom Woolford

Elite Member
Gold Supporting Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Fannie Mae does not approve appraisers. FHA however, does. I think you may have your acroynyms mixed up. FHA approval now is pretty much a matter of sending in an application. Should be no problem for your Mr.
 

mollyb

Thread Starter
Freshman Member
Joined
Mar 3, 2008
Professional Status
General Public
State
Michigan
Reply

He is an FHA appraiser. That's what I don't understand. According to efanniemae there is an area to sign up. I down loaded the forms but this is for appraisers who want to perform REO appraisals for them. He doesn't want to do work for Fanniemae. But his client who is a credit union is requiring their appraisers to be FMA approved?
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Hi-I'm new to posting here but read frequently as my husband is an appraiaser. I have a question that I hope someone can answer. One of my husbands clients called this a.m. & told him that they can no longer send work to him because he is not a Fannie Mae approved appraiser. He has been doing business with this client for years. According to the client, they can only do business with FM approved appraisers since if a property they lend on goes into foreclosure in the future, there will be no questions asked?! :shrug: (Any lender runs that risk). But they are going to have to send their work to the one appraisal company approved for this area unless my husband can get approved. I read on FM website that you are welcome to apply but that they only add appraisers when needed. Has anybody heard of this?

Ms. Mollyb,

I think Mr. Woolford is correct. Fannie Mae does not "approve" appraisers. However, this client is off their rocker if they think being "approved" anywhere, with anyone, means "no questions asked" in the event of foreclosures.

Webbed.
 

mollyb

Thread Starter
Freshman Member
Joined
Mar 3, 2008
Professional Status
General Public
State
Michigan
My husband told me this person said in context of selling this loan to Fannie Mae "if they use a FM approved appraiser, then if/when the property goes into foreclosure, nobody can come back on them & say they didn't use a FM appraiser". Makes no sense to me since as I stated, I did see on their own website that you can apply to do REO work directly for them but I have never heard of approval to do lender work. I think this is all a smoke screen and that what really is going on here is that the appraisal co. they are now using, came in and under cut their fee or did something to get the work. Makes me sick to loose a long term client but then if that is the case, they'll end up getting exactly what they paid for. Thanks for the replies!
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Ms. Mollyb,

None of that makes any sense at all. Either someone at this client of yours is very misinformed, or it's all a bunch of donkey kong.

Webbed.
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Have the client send you the requirements in writing because what you've stated that they said doesn't make sense. Fannie Mae does not approve appraisers. Someone is mixed up.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
His name may have ended up on the MARI list for some reason. Do a search on this forum for MARI or google it. It's a "blacklist" that appraisers end up on for various reasons, not all due to bad appraisals. If it's not a problem with FHA vs. Fannie, take a look there.
 

mollyb

Thread Starter
Freshman Member
Joined
Mar 3, 2008
Professional Status
General Public
State
Michigan
Reply from Client

After spending most the day looking into this and reading your replys, we sent an e-mail to this lender and this is the response we received:

"My supervisor told me late yesterday ____________ chose to go with _______ because it is the appraiser that Fannie Mae uses for their appraisals which in turn protects us in the event that if Fannie Mae wants to dispute any appraisals that we get on our properties it would be harder to do so as they use the same appraisers.

When it comes to your work it has nothing to do with that at all. You have always given ______________ quality appraisals and good service. I guess as an organization we are just trying to protect ourselves in this economy of declining home prices and foreclosures.

Hopefully the housing market will get better as well as the economy and we can go back to using you and other appraisers that we have come to know. But at this time that is the decision that ____________ as an organization has chosen to do. We will always keep your information in our files as well as the other appraisers that we have used in the past. So when things get back to normal we can start sending our appraisals back to you."

I know that lenders have a right to use whatever appraiser they want but it seems really unfair and if lenders are going to go this route, then FNMA is prohibiting every appraiser who is not on their "list" from earning a living. I have attached the information from their website: efanniemae.com

Becoming an NPDC Vendor



function submitForm(){ document.frmAddBookmark.submit(); } #mylinkssboff { z-index: 1; margin: -70px 0px 0px 520px; height: 70px; width: 118px; }#mylinkssbon { z-index: 1; margin: -60px 0px 0px 460px; width: 118px; }


The National Property Disposition Center (NPDC) manages Fannie Mae's real estate owned (REO) properties. NPDC vendors are those involved in the REO process. The six types of NPDC vendors are:
  • appraisers,
  • real estate brokers/listing agents,
  • repair contractors,
  • eviction attorneys,
  • maintenance companies, and
  • closing agents/title companies.


Vendor Application Process

We only add vendors for our NPDC when there is a need. If we already have an available vendor, we will not add additional vendors. However, if we have a property in an area where there is no vendor available, we will review applications for new vendors. The application process is described below.



Appraisers, Real Estate Brokers and Listing Agents



  1. Appraisers and real estate brokers/listing agents complete the applicable application below and e-mail it as an attachment to NPDC Vendor Management ([email protected]).
  2. Our representatives will search the database when they need to add a vendor.
  3. If you are selected, we will contact you and provide additional instructions.
  4. Your data will be stored for two years in our database. If, after two years, you have not been contacted, you may reapply.




 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
NPDC manages the REO properties. The blanks in your last post must indicate a mortgage broker or AMC? Anyway, NPDC is only REO properties. Is that the type your husband was appraising for this mortgage broker or AMC?
 
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