Hybrid

[glenn walker]

The Fannie -Freddie CU guidelines that are being posted here have nothing to do with the pilot-Beta tests being done on so called Hybrid products, Those are proprietary and only a select group of lenders are testing them. I have one source but cannot confirm if he is correct but he is with a large money center bank that they are using these on some home equity lines, and other non-purchase money loans.

None are currently being sold to Fannie or Freddie but they are ruining them through the new CU being developed just for these kind of products. I am also being told it's not going to be the same as the CU model used for appraisals like standard 1004 interior and exterior. So maybe everyone is jumping the gun especially when trying to screen shot existing CU model with the hybrid BETA model and Very few people have access to the beta testing data , and some say it won't even use a 1 to 6 score.

As far as Fannie -Freddie they have no obligation to say anything about a Pilot-Program and even if they did it may just be smoke & mirrors, because they know appraisers are trouble makers and would rather just have them speculate on whats going to happen.

 

[hastalavista]

Again, where is the link from the GSEs about any pilot program?

Fine, Marion. Hang your hat on this: Since there is no notice by Fannie of a pilot program that is in-process, and is being discussed on multiple levels by other entities (including appraisal organizations like the NAA, the ASA, and the AI) it must therefore not exist.

In fact, you should be really happy. In your world, it doesn't exist and anyone who thinks it does must be delusional. Explains a lot.

 

[glenn walker]

The Fannie -Freddie CU guidelines that are being posted here have nothing to do with the pilot-Beta tests being done on so called Hybrid products, Those are proprietary and only a select group of lenders are testing them. I have one source but cannot confirm if he is correct but he is with a large money center bank that they are using these on some home equity lines, and other non-purchase money loans.

None are currently being sold to Fannie or Freddie but they are ruining them through the new CU being developed just for these kind of products. I am also being told it's not going to be the same as the CU model used for appraisals like standard 1004 interior and exterior. So maybe everyone is jumping the gun especially when trying to screen shot existing CU model with the hybrid BETA model - Very few people have access to the beta testing data , and some say it won't even use a 1 to 6 score.

As far as a link to a Pilot -Program the GSE's know appraisers are crybaby trouble makers and it's more productive to just let us speculate about the future- After all what if we wake up one morning and it's announced that full appraisals are a thing of the past. Better to use a nuclear approach or send them a dear John Letter informing them to get a new career.

 

[Meandering]

Those are proprietary and only a select group of lenders are testing them. So maybe everyone is jumping the gun especially when trying to screen shot existing CU model with the hybrid BETA model . Very few people have access to the beta testing data , and some say it won't even use a 1 to 6 score.

So telling appraisers it's okay to "just do them" is a moot point. Because appraisers are required to follow the regulations for the assignment, and beta tests aren't regulations.

and no one is indemnifying appraisers for using them as mice in a test.

Lemmings - as recognized across the lending profession.

nice.

.

 

[Meandering]

But Glenn,

why all the hush, hush? What can't "the people" know about a beta test?


.

 

[gregb]

Fannies duty to under-served markets:

https://www.fhfa.gov/policyprogramsresearch/programs/documents/fannie-mae_final-ump.pdf

https://www.housingwire.com/article...-soon-introduce-new-construction-loan-program

https://www.nationalmortgagenews.co...ppraiser-visits-fannie-mae-pilot-asks-why-not

http://www.thehomestory.com/student-loan-debt-pilot-underway-with-10-fannie-mae-lenders/

 

[Meandering]

Fine, Marion. Hang your hat on this: Since there is no notice by Fannie of a pilot program that is in-process, and is being discussed on multiple levels by other entities (including appraisal organizations like the NAA, the ASA, and the AI) it must therefore not exist.

In fact, you should be really happy. In your world, it doesn't exist and anyone who thinks it does must be delusional. Explains a lot.

I'm sure they have been discussing it, since the invention of AI ready.

No, I take that back,

They had to be discussing it, before they decided to invent AI ready.

Again,
what happened to transparency, disclosure, and the Government take over of the GSEs preferred stock ownership, that now they suddenly can't publish anything about a pilot program?

.

 

[BRCJR]

.....................................................


The Dodd Frank requires higher priced mortgages to have interior inspections by the appraiser, yet no one is providing the price of the mortgage to the appraiser for the appraiser to even guess if it is a higher priced mortgage. ..............................................

How exactly is a higher priced mortgage the concern of an Appraiser?
Isn't that a lender issue regarding regulations?

 

[DWiley]

Fine, Marion. Hang your hat on this: Since there is no notice by Fannie of a pilot program that is in-process, and is being discussed on multiple levels by other entities (including appraisal organizations like the NAA, the ASA, and the AI) it must therefore not exist.

In fact, you should be really happy. In your world, it doesn't exist and anyone who thinks it does must be delusional. Explains a lot.

It seems like some folks have never heard of an NDA.

 

[hastalavista]

..what happened to transparency, disclosure, and the Government take over of the GSEs preferred stock ownership, that now they suddenly can't publish anything about a pilot program?

Yes, Marion.
And this is one of your significant (if not most significant) argument as to why they don't exist. Since they are not transparent and haven't disclosed in detail anything about this program, the hybrid pilot program is a myth.
Followed by, because the current guidelines don't allow hybrids, the pilot program cannot be a pilot program.
And, finally, Hybrids don't match with the IEAG (despite the fact that the GSE appraisal is exempt from the IEAG.

I get it.

I guess the rest of us will discuss a hypothetical program that doesn't exist, or its pilot-program that doesn't exist, and cannot be allowed to exist because the regulations, which don't cover it, don't allow it.
That discussion will be a waste of time according to your arguments.
But I might be inclined to continue the discussion just in case of the extremely small possibility you might be wrong on your conclusions.