DWiley
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- Apr 4, 2007
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- Certified Residential Appraiser
- State
- Tennessee
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Illegal In House Valuations
- Thread starter djd09
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djd09
Elite Member
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- May 20, 2009
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- Licensed Appraiser
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- Ohio
Yeah. There have NEVER been any posts here complaining about lenders
maybe you can clear up the confusions about waivers...does the mb estimate value or not
George Hatch
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- Jan 15, 2002
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- Certified General Appraiser
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- California
That's not the question. We already know that the MBs fill out and submit an application which contains all sorts of assertions.maybe you can clear up the confusions about waivers...does the mb estimate value or not
The question is whether or not the lender or Freddie performs their own due diligence as to whether or not that property fits their program. Do they check up on title, do they check employment, do they check the credit, do they run any type of valuation whatsoever. Is there a blindfolded monkey at Freddie throwing darts at a dartboard? Or any other mode of analysis.
Or, as you suggest, do they just take the MBs word for everything just because they're an MB?
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George Hatch
Elite Member
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I'm just suggesting a more intelligent question which actually addresses how they make their decisions. You should have asked DW the same question I asked you, which is the more relevant question.
You're trawling for an acknowledgement that the MB submits their own estimate so you can carry on with your gaslighting. I'm pointing out that just because the MB is providing that number on an application doesn't mean that's the sole form of due diligence in Freddie's decision making process. You apparently WANT it to be an either-or choice even though it can be both. Or can exclude the MBs opinion altogether.
Put another way, if the MB estimate is above the program limits then that renders that application "not qualifying" for that program without any further consideration on Freddie's part. In that example The MB disqualified their app themselves.
You're trawling for an acknowledgement that the MB submits their own estimate so you can carry on with your gaslighting. I'm pointing out that just because the MB is providing that number on an application doesn't mean that's the sole form of due diligence in Freddie's decision making process. You apparently WANT it to be an either-or choice even though it can be both. Or can exclude the MBs opinion altogether.
Put another way, if the MB estimate is above the program limits then that renders that application "not qualifying" for that program without any further consideration on Freddie's part. In that example The MB disqualified their app themselves.
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George Hatch
Elite Member
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- Jan 15, 2002
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- Certified General Appraiser
- State
- California
[shurgs]
Ask him both questions then, and we'll see if the answer to both is the same.
Ask him both questions then, and we'll see if the answer to both is the same.
djd09
Elite Member
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- Licensed Appraiser
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- Ohio
Q11. Are lenders and correspondent lenders permitted to use in-house appraisers to obtain appraisals?
Yes. In-house appraisers may be used in accordance with AIR, section V.
singlefamily.fanniemae.com
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Yes. In-house appraisers may be used in accordance with AIR, section V.
FAQs: Property Valuation | Fannie Mae
Fannie Mae is on a journey of continuous improvement to make the home valuation process more efficient and accurate. We provide a spectrum of options to establish a property’s market value, with the option matching the risk of the collateral and the loan transaction. The spectrum balances...
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Jayjay25
Junior Member
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- Oct 9, 2013
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- Certified Residential Appraiser
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- Connecticut
If it were me, I’d grant appraisal waivers so borrowers will overpay for housing leading to an increase in the high end of the avm range of values. That way all the loan officer’s estimates of value will fall within the avm range.