Line, Net, and Gross adjustments

[Mike Kennedy]

It's a national bank, but with all offices locally.

National Banks often require utilization of Fannie / Freddie summary report format AND GSE Guidelines when a loan is currently earmarked as "portfolio" to allow sale within 6 months to one of the GSES. As noted above, variance from standard Fannie guidelines is permissable, when necessary, with expanded requisite analysis and comments in support of the Appraiser's opinion regarding selection of directly competitive comparables; depending on market location, property characteristics, local "sub-market" nuances. Discussion of assignment conditions, including reporting format and Lender Guidelines, takes place during the Scope of Work process for each assignment.

 

[Learner]

Thanks. I think I got it.

Mike -- in this case, the bank does not intend to sell the mortgage to a GSE. But there is no reason to think that the appraiser knew that.

 

[TRESinc]

in this case, the bank does not intend to sell the mortgage to a GSE. But there is no reason to think that the appraiser knew that.

i'm sure BoA, Citi and the rest did not intend to get caught either. just because they tell you that does not mean it is true. i'm not saying they will sell it, but then again i'm not saying they won't.

 

[alex gilbert]

10% maximum line adjustment means the adjustment for any one item (i.e. on any one line) shouldn't exceed 10% of the comp's sale price. These guidelines are just that, guidelines. They may be exceeded with explanation.

 

[Learner]

Again, thanks to all.