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Fannie Mae Wants To Reduce Appraisal Turnaround Times

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Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Fannie Mae Wants to Reduce Appraisal Turnaround Times
After updating its appraisal policies earlier this year, Fannie Mae is working to reduce appraisal turnaround times and exploring technology that can help streamline the appraisal process for Fannie-approved lenders, HousingWire reported Aug. 3. > FULL STORY
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
"Fannie Mae Wants to Reduce Appraisal Turnaround Times"

Dang it! I thought that they were working on getting the payment to the appraiser sooner...
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Realtor telling client on phone today, "It will take FSA 60-90 days to close, so don't get in a hurry. We'll walk you through it."
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Realtor telling client on phone today, "It will take FSA 60-90 days to close, so don't get in a hurry. We'll walk you through it."
Sold property all through late 70's and 80's... We always counted on a 90 day period to get to closing/settlement. Why, pray tell, does everyone *need* to close inside of 15-30 days.
Buyer with a nervous Hotfoot?
Landlord kicking Buyer out?
If people love to tailgate other drivers (in the right-hand lane) on the Freeway, why shouldn't they tailgate the Agent/Seller/Appraiser/Lender in transaction?

Arrrrgh!
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
"And not in a good way, according to Fannie Mae CEO Timothy Mayopoulous. “With Amazon shopping one click away and streaming Netflix on your smartphone, looking for a mortgage is a wildly different digital experience,” he said in an interview this morning "

Well....buying a home for hundreds of thousands of dollars with a 15 year or 30 year mortgage is a bit more complex than ordering a movie on Netflix or buying sneakers on Amazon, ya think? ( sarcasm). Therefore mortgage process, and the appraisal should take commensurate more time to get it right...another disconnected from reality CEO looking to streamline an entity into high risk insolvency.

I fail to see how spending significant $ and making life altering decisions about buying or selling a property is a "digital experience"...?? A consumer can look up data on Zillow or Trulia , but they are ll going to spend a huge amount of $ and commit to years of ownership and be tied into a long term mortgage, hardly what I would call a digital experience.
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
"That (9/20) is after the appraisal contingency date, but whatever. I'll talk to the other agent."
Says the agent today. Sale for $2 Mil+. Client asked for my best fee and turn time, then accepted it.

Best does not equal cheap. Best = the most I can get from you.
If that makes me a mercenary mf, so be it. Don't care anymore.Whatever, nevermind. :leeann:
 
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