Multiple Contracts Versions

[Have Laser-Will Travel]

Sales agreements are being uploaded to the AMC portal, apparently not by the lender but, by agents and borrowers. FNMA Selling Guide says, "the lender must provide, or ensure that the appraiser is provided with, a copy of the complete, ratified sales contract and all addenda."

The uploads are missing signatures, addenda, include unrelated docs, duplicates, sometimes there are 10+ "sales agreements".

It seems if the appraiser selects the docs to rely on, the appraiser can then be held responsible. The lender is not "ensuring" anything.

Is there a way to have FNMA redirect the lender?

 

[Terrel L. Shields]

Ask the lender directly in writing to, "provide, or ensure that the appraiser is provided with, a copy of the complete, ratified sales contract and all addenda."

If no response work with all you have, point out deficiencies, scan/ include all, especially your request for added info, that you don't know what is accurate or not, and wait for the fit to hit the shan...then charge for the additional time when they provide it.

 

[Mike Kennedy]

Sales agreements are being uploaded to the AMC portal, apparently not by the lender but, by agents and borrowers. FNMA Selling Guide says, "the lender must provide, or ensure that the appraiser is provided with, a copy of the complete, ratified sales contract and all addenda."

The uploads are missing signatures, addenda, include unrelated docs, duplicates, sometimes there are 10+ "sales agreements".

It seems if the appraiser selects the docs to rely on, the appraiser can then be held responsible. The lender is not "ensuring" anything.

Is there a way to have FNMA redirect the lender?

Forward all docs received to the Lender - request 1 copy of the complete, ratified sales contract and all addenda in one file folder via email from the Lender.

 

[Sid Holderly]

I often have to look for the most recent and sometimes request signatures. Amendments, counters, extensions and etc. often add many pages.

 

[Have Laser-Will Travel]

Ask the lender directly in writing to, "provide, or ensure that the appraiser is provided with, a copy of the complete, ratified sales contract and all addenda."

If no response work with all you have, point out deficiencies, scan/ include all, especially your request for added info, that you don't know what is accurate or not, and wait for the fit to hit the shan...then charge for the additional time when they provide it.

Brilliant! I just wonder if FNMA will take action. Would there be a Step #2? They don't really have a hotline.

 

[gregb]

If the contract is not available, appraiser should explain the efforts made to obtain the contract then complete the appraisal.

 

[Have Laser-Will Travel]

Forward all docs received to the Lender - request 1 copy of the complete, ratified sales contract and all addenda in one file folder via email from the Lender.

I would like to do that but, I can only go through the AMC and I'm sure I would get a phone call instead, explaining a different interpretation. If I refuse, it will go up the ladder, the higher it goes, the more I worry about jeopardizing myself. That's why I thought somehow bringing FNMA influence might be better.

 

[Have Laser-Will Travel]

If the contract is not available, appraiser should explain the efforts made to obtain the contract then complete the appraisal.

Hmmm, interesting. When I fast forward, I see an addendum request telling me to access the available documents. The status quo has already been established and all the appraisers are going through every doc. I'm sure the AMC feels it's a great competitive feature to offer the lender but, the end result is that it's not what FNMA requires and maybe some day it becomes a buy-back or a buyer sues or whatever...and then they will blame the appraiser for not picking the right contract version.

 

[Have Laser-Will Travel]

If the contract is not available, appraiser should explain the efforts made to obtain the contract then complete the appraisal.

I think I might like to do that. I just wish I could refer to a conversation that I had with FNMA so that when it gets escalated into management, maybe they'll decide not to push me around so much. But, this would be a big change in the process for the lender and I get the feeling that when it comes to that, the AMC walks on egg shells. Yep, I would get in trouble!

 

[Have Laser-Will Travel]

I often have to look for the most recent and sometimes request signatures. Amendments, counters, extensions and etc. often add many pages.

I think that is pretty much what all appraisers are doing. I'm just not a fan of adopting liability, especially when it's not supposed to be mine. It may not be too risky but, I like to say, "I'm not in the insurance business".