Fannie Mae's Top Appraisal Defects

[Mejappz]

A striking statistic from the report is that 95% of appraisals identified with significant defects had an overvaluation flag due to comparable similarity and location, with risk scores over 4 being a notable indicator.

https://singlefamily.fanniemae.com/media/39191/display

 

[Trihard]

If Fannie has all the adjustments, why wont they give them to the appraiser? More clown world **** in this profession.

 

[NC Appraising]

A striking statistic from the report is that 95% of appraisals identified with significant defects had an overvaluation flag due to comparable similarity and location, with risk scores over 4 being a notable indicator.

https://singlefamily.fanniemae.com/media/39191/display

View attachment 87850

Wow, some....on this forum raked me over the coal for saying this, but I will say it again. The GSEs are testing AI and using AI to grade photographs for condition and quality....


For the appraisers who are going to stay in the game:

1. You better wake the ...up.
2. The 1004 is not a ranking qualitative form....stop juicing the value and make those adjustments. No more hiding.
3. Appraisers are either living under a rock or in their parents basement and have no idea what is going on....read some news and get informed OR the appraisers who just got into the field to make a buck and could care less about this profession is headed for a rude awaking....the churn and burn 5 appraisals a day is coming to a halt.

 

[Mejappz]

the churn and burn 5 appraisals a day is coming to a halt.

But are they? That continues to be the case. The same appraisers hired to do the same crappy job for peanuts and then Fannie comes out with a publication that says 95% of appraisers suck.

 

[TerryRohrer]

Well, we don't know how prevalent the problem is. How many were flagged with significant defects and how many were there? Now, anyone intending to inform would offer that information. If they haven't (I haven't read the report yet), creating a narrative is more likely the intent (a known objective of this entity).

 

[djd09]

the only defect i see is their mind controlling forms...

 

[Mejappz]

Well, we don't know how prevalent the problem is. How many were flagged with significant defects and how many were there? Now, anyone intending to inform would offer that information. If they haven't (I haven't read the report yet), creating a narrative is more likely the intent (a known objective of this entity).

True. They do have a record of putting out fake news and disinformation to sell a narrative.

 

[TerryRohrer]

True. They do have a record of putting out fake news and disinformation to sell a narrative.

Their statement might be 100 % accurate. There could be 100 identified with deficiencies, 95 of those flagged as overvalued, out of 100 million reports analyzed. That is their kind of truth.

 

[Terrel L. Shields]

says 95% of appraisers suck.

Does not tell us how many appraisers thinks Fannie sucks and refuse to work for them.

 

[NC Appraising]

Does not tell us how many appraisers thinks Fannie sucks and refuse to work for them.

Yeah, I am not a big fan of the GSEs after they sold us out to the monopoly online mortgage bankers....

On the other hand, I am not a big fan of lazy arse appraisers that give good appraisers a bad rap and allow the GSEs to say how bad appraisals are; thus giving the GSEs reasons to make the way for waivers and PDRs.