FNC's GAAR product at FNMA

[VolcanoLvr]

GAAR = FNC's proprietary product "Generally Accepted Appraisal Rules" that FNMA now uses to review appraisals to flag any violations that may be indicators of fraud.

See this link:
http://www.stockhouse.com/News/USReleasesDetail.aspx?n=6923087

Note paragraph #5.

Does anyone on the forum have first-hand experience with GAAR? Or does anyone know exactly how GAAR works, i.e., does GAAR review a synopsis of our actual report, or are they opening a locked PDF to do the scan?

 

[Mike Boyd]

GAAR = FNC's proprietary product "Generally Accepted Appraisal Rules" that FNMA now uses to review appraisals to flag any violations that may be indicators of fraud.

See this link:
http://www.stockhouse.com/News/USReleasesDetail.aspx?n=6923087

Note paragraph #5.

Does anyone on the forum have first-hand experience with GAAR? Or does anyone know exactly how GAAR works, i.e., does GAAR review a synopsis of our actual report, or are they opening a locked PDF to do the scan?

Garbage in, garbage out. I shouldn't write that because I have no knowledge of their system or how it works. I wonder how it would handle mis-spellings and grammar errors.

 

[Carnivore]

Where was FNC during the past tens years of rampant fraud! Tweaking there rules!

the article is rather screwed up because I dont see fannie as having a fraud problem once it is at the NPDC. Do they think we that complete REO work are comitting fraud? I dont think so, its just coming late to a party.

Heres the real kicker. Rules , what rules? Skippy makes his report look clean so it flies through rules.

 

[Mike Kennedy]

2005 Interview.......CEO


[PDF] Interview with Bill Rayburn



Mr. Rayburn: [FONT=URW Grotesk T,URW Grotesk T]The barriers to entry in what makes us unique. [/FONT][FONT=URW Grotesk T,URW Grotesk T]We have invented a data standard. [/FONT]


[FONT=URW Grotesk T,URW Grotesk T]We worked with the appraisal entity, which is the largest appraisal organization back in ‘98, and we developed an XML standard for appraisal. [/FONT]


[FONT=URW Grotesk T,URW Grotesk T]And that has made us very unique in the marketplace. So, when an appraisal is transmitted to the lender, [/FONT]

[FONT=URW Grotesk T,URW Grotesk T]we are able to pop it open and suck all the data out, and do that in a formatted way. [/FONT]

[FONT=URW Grotesk T,URW Grotesk T]That allows a lender to do two critical things.[/FONT]

[FONT=URW Grotesk T,URW Grotesk T]The first critical thing it allows him to do is automated review of that document. So, before we arrived, they had a human being that was sampling and reviewing a large percentage of their deeds and after we arrived, they can do it automated. [/FONT]

[FONT=URW Grotesk T,URW Grotesk T]The second thing it allows them to do, it allows the lender to decision the loan in an automated fashion with respect to collateral. They have already been doing that with respect to credit. If you had a certain credit score, you’ve got a certain interest rate and certain terms and conditions. [/FONT]

[FONT=URW Grotesk T,URW Grotesk T]They have not been able to do that previously in terms of collateral and we have actually come up with a way to score the appraisal. [/FONT]

[FONT=URW Grotesk T,URW Grotesk T]So, we know the score on that document and lenders eat that alive. So, those are some of the things that make us unique, those are the primary things. [/FONT]



http://www.fncinc.com/Collateral_Management/gaar.aspx



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folks have a mortgage on their house. To make your. mortgage, the lender has got really to get to two. numbers. ... a credit score, and they have got to get to a col ...
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