First encounter with Desktop Underwriter......you want me to what?

[Rich LeMond]

i agree with others, if the major comp selection criteria are outlined in your report, it should be sufficient to state that they "are inferior to the sales used in the report in one or more of the search criteria already provided." Also "it should be noted that this request provided no explanation as to why the suggested sales would be considered comparable to the subject, or superior to the sales already presented in the report." Again, call them sales not comps.

 

[Andrew Gall]

It seems to me that anybody deciding what is a better comp, when it comes to influencing appraisers, should be a licensed appraiser. I guess everything is comparable from the east coast to the west, but when those decisions start being made by a computer, then I wonder if law is not being broken relative to the govt definition of an appraisal and those who are licensed to perform such.

 

[Andrew Gall]

It seems to me that anybody deciding what is a better comp, when it comes to influencing appraisers, should be a licensed appraiser. I guess everything is comparable from the east coast to the west, but when those decisions start being made by a computer, then I wonder if law is not being broken relative to the govt definition of an appraisal and those who are licensed to perform such.

Unfotunately, it looks like FNMA is now the government so they won't do anything to hurt their way of doing business no matter how shady or lame it may be.

 

[J Grant]

Desktop UW is not CU and they are separate as far as I know. Fannie CU sending sales...do they identify them as comps, or just list them as other sales in the area?

 

[Dale Smalley]

I just got one of those as well with three comps identified as "More Similar" even though I already used one in the report as comp 1. They other two I nave no idea how they were selected as one was 20years different in age and the other over six months ago. The reviewer quickly noted that this was a CU thing and just to answer the question, So my response is that I did not inspect the other two sales and not needed as there were sufficient sales available. I really don't know what else to say. The CU should send these "more similar" comps with the order So I can check them out while I am there? It is just like the opposite of the Realtor sending high comps on a ROV.

 

[GWISC]

I honestly do not think the underwriters read the reports, but rather are parroting what their automated reviewer is telling them. I make similar comments in my reports as suggested by many in this thread only to have them ask me again for why or what. I have called and spoke with the parrots and told them where to find these comments they ask for. I sometimes am tempted to comment with a rhyme of "Mary had a little lamb" throughout the report and see if it gets through without revisions. Or I could submit my favorite tator tot cassarole recipe.

 

[J Grant]

A computer does not read our comments, we can make the best comments, make the best comp choices , doesn't matter , if a company operates in this manner they will run their computer check for sales and sent it to you to waste time commenting on. By doing that, they fulfilled the DF requirement that a lender perform some sort of review on a report, and the company has now contributed a "value added service" by passing along a list of garbage for you to comment on.

 

[Julio E. Sune Jr. (FL)]

Hi Scott...

QUESTION:

Was your appraisal for a purchase or for a REFI?

*["Their suggestions were mostly higher quality homes,"]*

*Sounds like they had some "bullseye" number in their minds*

I agree with the following:

["- let them know that time was money and the time I am wasting on their unwarranted requests was not cost effective. So, I will either raise my fee or not take any more assignments. If they don't trust us they should not be using us."]

AND

["Fannie Mae does not instruct or suggest to lenders that they ask the appraiser to address all or any of the 20 comparables that are provided by CU for most appraisals."]

 

[djd09]

FNMA may have a hidden agenda, that is not in the favor of AMC's or anybody, except them. They are not the govt.

They are not the gov? The gov created them, we the people are bailing them out, federal regs dictate how they do business, and the treasury is sweeping their profits.

The 20 additional sales CU will provide will be the a thorn in the side of the appraiser. It is just a matter of time. CU is still just a little kid but growing daily. It will be almost impossible to select the top 3 rated sales provided to you through the AMC via other appraisers.

ROV and any additional sales provided are an attempt to influence the appraiser.

 

[Meandering]

Dodd-Frank specifically states that a lender may ask an appraiser to consider alternative sales data.

And now where does it say the consideration of additional sales is a free service provided by appraisers.

Send all 20, the answer is the same,
$50 per sale that is not more comparable than the ones used in the report, plus,
$50 service charge for reopening the report, and revisiting the assignment, plus,
$50 service charge to increase the size of the workfile that must be stored for years.

So that's $100 up front, and $50 per sale not considered to be a better comparable. Please overnight the $100 service charges before any additional data is considered.

Have a nice day.

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