MSA - Market Service Area

[Ed]

I've heard through the "grape vine" that Fannie Mae is making a revision to the Appraiser Selection process for lenders. It was mentioned to me that a MSA - Market Service Area is to be estabilshed based on the location of the appraisers office. Someone told me a 30 mile radius from the office to keep that appraiser local in his or her local market for better appraisal results and value conclusions.

Has anyone heard the same? Is there any validity to this information? I've tried to research their (Fannie Mae) website and found nothing.

Any opinion or insight.

 

[Terrel L. Shields]

Someone told me a 30 mile radius from the office to keep that appraiser local in his or her local market for better appraisal results and value conclusions.

sounds stupid to me. who is going to appraise property in the panhandle of Texas? or even remote parts of more populated areas like Arkansas? Woodruff county lost the only appraiser in the county in an auto crash earlier this year. There are a lot of places where there are no appraisers within 30 miles.

 

[Wendy]

Perhaps it will be a radius based on population density.

I'd be all for a 30 or so mile limit in my area.

 

[Mike Kennedy]

odds are it would apply to urban and suburban markets - not rural.

 

[CANative]

Arbitrary and redundant nonsense. Fannie Mae requires that the appraiser sign a certification that they are competent and requires compliance with USPAP which also requires competence. The state issues licenses to work in the state, not in individual counties, cities or a 30 mile radius of any given subject property.

 

[timd354]

The location of one's office has nothing to do with competency to do an appraisal in a particular area...this is just another senseless rule that does not address any of the real issues in our industry.

 

[JRS at OBX]

A 30 mile radius from my office is about 90% water. Luckily I have a boat. I better learn how to appraise fish. :icon_mrgreen:

 

[Mr Rex]

I will agree only if the Triangle appraisers and their flocks of trainees are separated from me by multiple rows of razor wire and armed troops consistent with a DMZ. They have their Green Zone, I have mine.:new_2gunsfiring_v1:

 

[Lee Lansford]

I've heard through the "grape vine" that Fannie Mae is making a revision to the Appraiser Selection process for lenders. It was mentioned to me that a MSA - Market Service Area is to be estabilshed based on the location of the appraisers office. Someone told me a 30 mile radius from the office to keep that appraiser local in his or her local market for better appraisal results and value conclusions.

Has anyone heard the same? Is there any validity to this information? I've tried to research their (Fannie Mae) website and found nothing.

Any opinion or insight.

I'd like to see the management effort that would have to go into making that system functional.

 

[ghrousseau]

I've heard through the "grape vine" that Fannie Mae is making a revision to the Appraiser Selection process for lenders. It was mentioned to me that a MSA - Market Service Area is to be estabilshed based on the location of the appraisers office. Someone told me a 30 mile radius from the office to keep that appraiser local in his or her local market for better appraisal results and value conclusions.

Has anyone heard the same? Is there any validity to this information? I've tried to research their (Fannie Mae) website and found nothing.

Any opinion or insight.

Nothing coming out yet from any of our investors that sell to Fannie/Freddie. We are also approved to sell to Fannie directly and I haven't seen anything. If they are going to do that, then they may as well put the same geographic restriction on lenders, real estate agents, and mortgage brokers. Lol. With the advent of the "Net Branch" arrangements, many out of state loan brokers are originating loans in states they have never set foot in.