My First Collateral Underwriter Revisions

[KenAZ]

So disappointing, no Monty Python fans in here.

No one in here has live a full life

 

[ed fiveash]

So disappointing, no Monty Python fans in here.

No one in here has live a full life

One here, I needed that lol, thanks for the humor

 

[Sierra Dale]

The AMC sent me the full report. I guess they did not read the Fannie Mae letters. It gives model derived adjusted values for each comparable and seems to rate your sales used. Very interesting.

 

[Dan Umstead]

The AMC sent me the full report. I guess they did not read the Fannie Mae letters. It gives model derived adjusted values for each comparable and seems to rate your sales used. Very interesting.

WOW. They definitely shouldn't be admitting that they have access to FNMA's proprietary software, only licensed for lenders to use. Can you send me a copy of what they sent you?

Thanks, Sierra, for sharing. I would love to see the matrix. Can you post it?

 

[texaskeith]

It is just another layer in this gotcha society. It is interesting we are not informed and given disclosure perhaps a matrix of the known market activity or MRA with each engagement or just access to the data like a MLS but that would be helpful and transparent. Cant have that. FNMA has all the data wouldn't it be nice if she shared it with the rest of us. I would like to know what GLA my peers came up with considering the tax records are not a 100% for my subject and comps. Now that would save some time. It should be open to whole field not just the money changers. At least half if the reported GLA on the listing is bogus it would be great if the agent got some CU for a change. Your listing is above the known stop optimizing.

4 out of 5 QC request are addressed in the appraisal that nobody but me read. Hell I'm use to it I love reruns.

 

[Gregory Beck]

IS THERE SOMETHING I'M MISSING? I DON'T READ ANYTHING THAT THERE HAS TO BE CHANGES IN A REPORT FOR ITEMS THAT ARE WARNINGS. THIS APPEARS TO BE A LENDER MISLEAD OF WHAT HAS TO BE DONE. CAN THE LENDER REALLY RESUBMIT THE REPORT? I DON'T THINK SO or I MISSED SOMETHING.? I BELIEVE A WARNING IS JUST THAT AND IT'S NOT A HARDSTOP. FRANKLY, AS I SEE IT MOST OF THE LENDERS AND AMC DON'T KNOW WHAT THEY HAVE TO REPLY TO or NOT.

CHECK THIS DEFINITION OF PEER ...
peer1
pir/
verb
verb: peer; 3rd person present: peers; past tense: peered; past participle: peered; gerund or present participle: peering

1. look keenly or with difficulty at someone or something.
   "Blake screwed up his eyes, trying to peer through the fog"
   synonyms: look closely, try to see, narrow one's eyes, screw up one's eyes, squint
   "he peered at the manuscript"

My dictionary says
noun: peer
1. A person of the same legal status: A jury of one's peers.
2. A person who is equal to another in abilities, qualifications, age, background and social status

 

[Sierra Dale]

I just spoke to the AMC and their head supervisor knows nothing about the CU rules and said she could not locate the Fannie Mae Collateral Underwriter lender letters. She said they did no training and had believed that only the lenders are responsible for adhering to the advise from Fannie Mae. Upon my request she said she would look into it. I copied and pasted from the letter to them about the AMC responsibility. Oh well. I may be looking to do something else soon.

 

[djd09]

The AMC sent me the full report. I guess they did not read the Fannie Mae letters. It gives model derived adjusted values for each comparable and seems to rate your sales used. Very interesting.

Did they rate your sales or give you a list of their 20 comps?
Did they show how they made their adjustments?

 

[Peter LeQuire]

So disappointing, no Monty Python fans in here.

No one in here has live a full life

There's been a guy with an empty cart and a megaphone outside my office for days - "Bring out your appraisers, bring out your appraisers."

 

[Sierra Dale]

They rated my sales within the 20 comps. I guess I was lucky my comps were within their 20. My appraisal was given a 2.7. There were discrepancies with a bedroom count and locations being noted as beneficial or adverse. I reported the busy road, the bedroom conversion and the comp that backed open space. Who knew. The rating system did not care about the time of sale of the comp. Some of their best sales were almost a year old. The system had an adjusted value for each comp. I could not tell where, how or why that adjustment was given or how it was derived. If I followed the adjusted sales amounts my subject would have appraised for much higher. I do not agree with their adjusted values.