FHFA Remarks 2024 MBA Convention

[Non Sequitur]

Prepared Remarks of FHFA Deputy Director Naa Awaa Tagoe at the 2024 Mortgage Bankers Association Annual Convention & Expo | FEDERAL HOUSING FINANCE AGENCY

Good morning! Thank you, Bob Broeksmit and the MBA staff, for the opportunity to be here today. I’m also delighted that I get to share the stage with HUD Acting Secretary Todman. Director Thompson sends her regards and wishes she could have joined in person. This convention arrives as the nation...

www.fhfa.gov

See the remarks about Appraisal Data and Appraisal Waivers.

“That is why I am pleased to announce that, after months of working closely with Acting Secretary Todman and her team at HUD, we are now including appraisal data from the Federal Housing Administration as part of our UAD releases.”

“After careful consideration and analysis, FHFA is building on the long-running success of appraisal waivers by expanding eligibility for purchase loans. The maximum allowable loan-to-value ratio for full appraisal waivers will increase from 80 percent to 90 percent. And for inspection-based appraisal waivers, the maximum allowable LTV ratio will increase from 80 percent to 97 percent, consistent with standard Guide eligibility requirements.”

 

[CGinMN]

Naa Awaa Tagoe is the Deputy Director for the Division of Housing Mission and Goals at the Federal Housing Finance Agency (FHFA). Mission complete, goals achieved.

 

[Non Sequitur]

Naa Awaa Tagoe is the Deputy Director for the Division of Housing Mission and Goals at the Federal Housing Finance Agency (FHFA). Mission complete, goals achieved.

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Yep, 97% LTV based on a $20 Uber driver inspection. And some appraisers still believe this is a viable profession.

 

[Non Sequitur]

 

[Mejappz]

Yep, 97% LTV based on a $20 Uber driver inspection. And some appraisers still believe this is a viable profession.

Yep and we know who they are.

 

[George Hatch]

“After careful consideration and analysis, FHFA is building on the long-running success of appraisal waivers by expanding eligibility for purchase loans. The maximum allowable loan-to-value ratio for full appraisal waivers will increase from 80 percent to 90 percent. And for inspection-based appraisal waivers, the maximum allowable LTV ratio will increase from 80 percent to 97 percent, consistent with standard Guide eligibility requirements.”

That comment implies they've made the comparisons and have come to the conclusion that the machine is close in reliability or (conceiveably) even superior to the conventional 1004s. I don't know if they've actually come to that conclusion but that's basically what they're implying with both the comment and their actions in changing the LTVs.

 

[djd09]

i fail to find the law that allows the gse's to become quasi appraisal companies...

 

[George Hatch]

A lender operating an in-house appraisal department isn't an appraisal company; they're still a lender. You can tell that they're not an appraisal company because what they actually sell are loans. Not appraisals to other lenders.

Even if you want to call Fannie or Freddie an AVM company instead of an AVM user, an AVM still isn't an appraisal.