Hve

[Amy Perkins]

That's why they collect the data from appraisals.

What you are saying is that our data without authorized use was taken and used to put us all out of business? I was checking and I didn't see anything about CU being the source of data, but I would not put it past them.

 

[timd354]

can post where you got that from? I have not seen an article on it

You gals and guys really need to sign up to receive updates from both GSE's.....they made a recent announcement about this, which can be found here: http://www.freddiemac.com/singlefamily/news/2017/0531_guide_bulletin.html

Click on the pdf attachement near the bottom of the web page at the above link to see the actual guide bulletin which also includes some other collateral related updates

By the way, the change regarding appraisal waivers for certain refinances goes live on June 19th

 

[timd354]

What you are saying is that our data without authorized use was taken and used to put us all out of business? I was checking and I didn't see anything about CU being the source of data, but I would not put it past them.

Of course they use data from submitted appraisals in their AVM models...they would be idiots not to.

Sorry, but the appraisal data was not taken without your authorization since you gave your client (the lender) authorization to distribute the appraisal to the GSE's and "data collection or reporting services" when you utilized the GSE appraisal forms, which include Cert. 21:

21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser’s or supervisory appraiser’s (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media).

 

[J Grant]

"From what I understand, Freddie Mac to use their HVE for ALL refi's. I think this starts in July. If the HVE does not return a high enough confidence score an appraisal would be ordered by the sellers of the loan."

TMD-This above is the Op's original post, they wrote ALL refi's, which is different than the link you posted ( your link posted only certain mortgages are eligible ). That is why I asked the OP for a link they could provide to support what they said.

 

[J Grant]

From what I understand, Freddie Mac to use their HVE for ALL refi's. I think this starts in July. If the HVE does not return a high enough confidence score an appraisal would be ordered by the sellers of the loan.

TMD- this was the original post by OP

 

[Amy Perkins]

They won't be able to trust an agent to go in there, the condition is unknown, there is a lack of knowledge in regards to condition, quality, and view. It will never be good enough. Human beings will always be better than computers. If there are no appraisals to review, where does that leave the reviewers. As far as I can tell the reviewers will be automated before us.

 

[Mike Kennedy]

They won't be able to trust an agent to go in there, the condition is unknown, there is a lack of knowledge in regards to condition, quality, and view. It will never be good enough. Human beings will always be better than computers. If there are no appraisals to review, where does that leave the reviewers. As far as I can tell the reviewers will be automated before us.

speaking of automated - how would you like to buy this home based on >> https://usrealtyrecords.com/sample

p.s. total finished v first floor GLA

 

[J Grant]

I can see if someone has an existing mortgage and stays with same lender and lender has original appraisal, within certain ltv% why they would not need a new appraisal for a refinance

 

[timd354]

"From what I understand, Freddie Mac to use their HVE for ALL refi's. I think this starts in July. If the HVE does not return a high enough confidence score an appraisal would be ordered by the sellers of the loan."

TMD-This above is the Op's original post, they wrote ALL refi's, which is different than the link you posted ( your link posted only certain mortgages are eligible ). That is why I asked the OP for a link they could provide to support what they said.

The link I provided is correct. I know for a fact that it does not apply to all refi's

 

[J Grant]

That's what I thought, and why I questioned the OP to provide a source (which they did not)