My First Collateral Underwriter Revisions

[Amy Perkins]

How do we know that these requests come from CU?

 

[J Grant]

If a lender ask an appraiser to change a report based on CU findings, that is a lender/client to appraiser issue.

The CU itself does not ask or suggest an appraiser change a report. It issues flags/messages and delivers them as neutral language: " SF adjustment is lower than that of peers and model"

 

[Peter LeQuire]

” Fannie Mae expects the lender to use human due diligence in combination with the CU feedback, and will actively follow up with lenders who are reported to be asking appraisers to change their reports based on CU feedback without any further due diligence.".

So where do you report them?

Oh right,

NOWHERE.

Perhaps - Mr. Bob Chambers
c/o FNMA
3900 Wisconsin Avenue
Washington, DC 20016-2892

 

[abrainc]

Q:

Do you recall the time lag between submitting your report and receiving CU response?

I believe it was about a week

 

[ucbruin]

I believe it was about a week

Thanks for the update. It gives me an idea of if/when I should expect to receive CU comments.

 

[Charlie]

Automated review and regulation does not work in my opinion

 

[normando]

When I submit my repoer to my client, i get a risk rating from 1 to 5 with 5 being highest. Is this score based on my report or is it based on the neighborhood?

 

[CANative]

Neither.

 

[normando]

If it has nothing to do with my report, it makes sense it's based on historical data in how likely this neighborhood would have a foreclosure.

 

[KenAZ]

When I submit my repoer to my client, i get a risk rating from 1 to 5 with 5 being highest. Is this score based on my report or is it based on the neighborhood?

I think 1 is highest and 5 is lowest, but here is a short cut on how the ratings work . .

Then, shalt thou count to C3. No more. No less. C3 shalt be the number thou shalt count, and the number of the counting shall be C3. C4 shalt thou not count, neither count thou C2, excepting that thou then proceed to C3. . . . C5 is right out. Once at C3, being the third rating to be reached, then, lobbest thou thy Holy Hand Grenade of Antioch towards thy foe, who, being naughty in My sight, shall snuff it.