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Fannie Mae Selling Guide Addresses Appraiser Trainees, Adjustments Jan 31

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Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Fannie Mae Selling Guide Addresses Appraiser Trainees, Adjustments
The updated Fannie Mae Selling Guide released Jan. 31 clarifies rules for property inspections by appraiser trainees and dollar adjustments for financing or sales concessions. All clarifications and updates are effective immediately.> FULL STORY
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
guess the link didnt work . sorry. Mods feel free to delete.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
So would lenders be okay with a unlicensed inspector and an appraisal signed by a licensed appraiser? Most engagements from AMCs say, "the appraisal has to be completed by [insert name here]. So if an old phart appraiser signs and "completes" the report, it should be okay with lenders and FNMA? (It might be good pin money for my retirement)
 

TRESinc

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Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
what FNMA wants/needs is not always what the lender wants/needs. look at the 15%/25% thing - FNMA doesn't care about those limits anymore but a lot of lenders still do. similarly FNMA no longer requires a report be sent back to an appraiser for changes like contract date or price but all my clients still do.
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
So who supersedes who between fannie says ok and the lender says no realm of regulation?
 

BarrySW1963

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Joined
Jul 22, 2010
Professional Status
Appraiser Trainee
State
Texas
So who supersedes who between fannie says ok and the lender says no realm of regulation?

The lender can overlay a more stringent set of conditions, but I don't think they can relax FNMA's requirements if they intend to sell the loan on the secondary market.

Also, I know for sure that my E&O carrier will categorically deny coverage on an assignment if the signing appraiser did not perform the inspection.
 
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