My First Collateral Underwriter Revisions

[Wayne Henry]

I just received the following correction request from a client I barely ever get corrections from. The following says "***COLLATERAL UNDERWRITER REVISIONS***

Message - Comparable 2 (Collateral Underwriter)
The GLA adjustment for comparable #2 is smaller than peer and model adjustments.

Message - Comparable 3 (Collateral Underwriter)
The GLA adjustment for comparable #3 is smaller than peer and model adjustments. "

Did I miss the webinar from Fannie Mae about this? I am completely lost. I did sign up for a webinar "Ask the Expert: UCDP Release and CU Risk Score, Flags, and Messages Lender Forum". It appears this is for lenders but I want to attend, any information I can get regarding this matter will help since it seems this is being rushed on us. Any advise will help.

 

[RSW]

You can expect to get a lot of requests like that thanks to the CU. I'm waiting to see when I get my first one, too.

 

[EddieB]

Go to the source.
https://www.fanniemae.com/singlefamily/collateral-underwriter

 

[Terrel L. Shields]

Message - Comparable 2 (Collateral Underwriter)
The GLA adjustment for comparable #2 is smaller than peer and model adjustments.

Message - Comparable 3 (Collateral Underwriter)
The GLA adjustment for comparable #3 is smaller than peer and model adjustments. "

Do you think the CU computer will realize that the SF adjustments between appraisers might vary due to a lot of other factors, like what other items you are adjusting for like bedrooms, etc.?

 

[J Grant]

I got a similar message yesterday, even more cryptic:
Your net adjustments are materially different than the model and peer adjustments for comparables." Really? What to say....since we have no idea how the model or peers derived their adjustments, or what subject they are adjusting them to. I just explained why I derived my adjustments as I did and sent it back in, and added that since I did not review or see the model they reference I can not comment on it,

 

[J Grant]

I just went back in and finished a Fannie webinar I had only gotten half way through ..and Terrell will be pleased to know that if CU identifies what they see as an under valuation it will fire off messages and flags. Though an over valuation will get a higher risk score, an under valuation will be flagged as well .

It addressed the OP question, adjustments smaller than peer /model and said that flag typically comes up when a number of comps are found to be superior to subject (, with possible small adjustments perhaps leading to what CU considers an over valuation)

I have no idea how lenders will view these messages. Will they be satisfied with appraisers providing more explanation for their adjustments, or do they expect an appraiser to perhaps change their adjustment ...that is the mystery part at least as far as I can see for now . The whole explanation Fannie provides even on their webinar is somewhat cryptic.

 

[Riick]

I'm interested to see what they expect the appraiser to do.
I'm currently thinking my response to such statements (( those are NOT requests for revisions )) should go something like:

"Is that so?
"Can you tell me why those other appraisers adjusted GLA at (higher/lower) amounts?
"What exactly were those adjustments?
"Nevermind, why I should be interested in what *their* opinion was?"​

.

 

[EddieB]

Questions about those CU messages. How were they given to you, who sent them, why before Jan 26th and what are the remedies? I imagine all of us who dip into the Fannie pool will receive them soon enough. I went to the Fannie page earlier and the six webinars they're offering are all closed/full.

 

[Wayne Henry]

After reviewing the full video on Fannie Mae's website "Introduction to Collateral Underwriter". I am scratching my head as to why this is not available to the appraiser? Are we now the elephant in the room? Our numbers are dwindling so who do they think there going to put on the chopping block when there are hardly any of us left?
This was a correction request from the AMC whom latter canceled the request.... odd ...spent 3 hours of my day running around like a chicken with its neck cut off for nothing. Grrrr.

 

[J Grant]

The webinars are not that great, I took one, and leave it to Fannie to offer webinars that are now full they should just post the webinar as a training video on their site.
It looks like some clients are getting a head start to get used to the program prior to Jan 26 Oy veh