Hybrid

[BRCJR]

The higher priced mortgage requires the appraiser to perform the interior inspection.

It is a regulation, that applies to the assignment, and under USPAP competency, you are supposed to be aware of, and comply with it, if the appraisal is for a higher priced mortgage.

.

It is up to the client to inform the Appraiser of the Intended Use. The appraiser then appraises accordingly.
Do you ask on EVERY assignment you get if it is a higher priced mortgage?
If it is higher priced the client should inform you so they get back a product they can use and not violate the regulations THEY are to follow.

 

[Terrel L. Shields]

Rejected two in the last 30 days

But again is it to evaluate the collateral, or do they believe is isn't good enough to claim they did their mandated due diligence. I don't claim to know the answer.

 

[glenn walker]

It is up to the client to inform the Appraiser of the Intended Use. The appraiser then appraises accordingly.
Do you ask on EVERY assignment you get if it is a higher priced mortgage?
If it is higher priced the client should inform you so they get back a product they can use and not violate the regulations THEY are to follow.

Correct it's up to the client, also different counties and areas have different conforming loan limits, and there are a lot of programs that Fannie & Freddie offer in special circumstances, natural disasters, floods, earthquakes etc- where typical conforming limits are increased. The appraiser is best to just do his job he/she is not selling the loan and is not responsible if he lender uses the wrong product.

 

[hastalavista]

But again is it to evaluate the collateral, or do they believe is isn't good enough to claim they did their mandated due diligence.

What's the difference? If it doesn't pass the due diligence review-process, it isn't sufficiently credible to rely upon for the collateral valuation. Likewise, vice-versa (the two work in concert, no? Reviewing the appraisal is a demonstration of due diligence... assuming a credible review process... rejection of a report is because it failed to credibly support its analysis... which should be the result of appropriate review-process due diligence).

 

[djd09]

I never seen so much lender bias. One excuse after another.

 

[timd354]

Creation of Fannie Mae A 1938 amendment to the National Housing Act established Fannie Mae.
a
Originally, Fannie Mae was a federal government agency. Its mandate
was to act as a secondary mortgage market facility that could purchase,
hold, and sell FHA-insured loans. By purchasing FHA-insured loans from
private lenders, Fannie Mae created liquidity in the mortgage market,
providing lenders with cash to fund new home loans.

Sure they aren't government. TimD is 1984.

The operative word is "was"

It is not 1938 anymore and Fannie has not been a government agency since the late 1960's...you have no clue

 

[Mr Rex]

Some appraisers around here wake up in cold sweats because they are convinced that there is a 3rd party inspector under their bed or in their closet there to steal their lunch money while the holier than thou are merrily completing desktops, or are too timid to challenge a contract price, or afraid they will simply be too weak to just say no or more appropriately HELL NO when approached about these products. This too will pass if no one with a license and E&O will play the game that cuts every appraisers throat. Stop arguing amongst yourselves and start spreading the word to just say no to the under informed lest we all join the Dodos

 

[djd09]

Bait and switch is Fannies favorite tactic. Yeah i remember all the CU threads and the same bunch of shills telling me how it was just a review tool. Now it is used for PIW's. Some are just under the big gov hypnosis.

 

[Terrel L. Shields]

It is not 1938 anymore and Fannie has not been a government agency since the late 1960's...you have no clue

That's like saying car makers and energy utility companies aren't regulated.

 

[djd09]

TimD has a lot of bias for Fannie. He writes their forms and the pitiful 1004mc. How much did they compensate you for that work?