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Need Help, FNMA Guideline?

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Michael Giampa

Freshman Member
Joined
Dec 14, 2002
got a message from chase saying that all appraisals must be inspected by supervisory appraiser if the trainee IS licensed. can anyone cite the specific FNAM guideline that prove/disproves this? tia.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
It could just be lender guideline, regardless of FNMA guidelines. You might want to ask them if it is their exclusive requirement.
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Michael,

Just could be their guideline and not required by FNMA. Don't know why they would require it if the appraiser is Licensed though. Unless the subject is outside of the Licensed individuals license level. Then perhaps this is why.
 

Pam

Junior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Washington
Is the trainee actually licensed, or registered, an associate, has a provisional license or any one of the other many terms used for trainees?

The states are developing rules regarding trainees, such as how many trainees a supervisor can supervise and on which how many inspections a supervisor must accompany his/her trainee.

Additionally, lenders have their own requirements. Many lenders are hip to the fact that, while they ordered from/engaged a well-qualified professional, what they often get is a trainee who can't spell 'appraisal' much less complete one competently.

QUESTION: How is your state handling trainees? It would be interesting to see what the other states are up to.
 

Michael Giampa

Freshman Member
Joined
Dec 14, 2002
in dc and md you can get a trainee license without taking the test but i believe you have to have the classes. in VA you need to take all the classes and pass the lic. res. exam. the problem chase is (saying) they are having with me at least is that our hands are tied! licensed (VA) trainees must have a supervisor accompany them and i think FNMA does not require this but i dont have time to research. none of regular lenders have a problem, only the occasional new one. i would just love to be able to quote the guideline if it exists. md, dc and VA regs all say a licensed trainee (knowing how each state gives trainee licenses) can inspect a property and have a sup. sign off w/o inspecting.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Most lenders accept my registered appraiser so long as I sign off as supervisory appraiser, there are a few; however, that require I inspect the property too!
 

Pam

Junior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Washington
Just because FNMA is silent on the issue doesn't mean lenders can't set their own standards.

CA did a nice job of discussing the the USPAP implications of supervising trainees in their Spring 2003 newsletter. You can read it at:

CA newsletter
 

GeorgiaBoy

Junior Member
Joined
Jul 23, 2003
Professional Status
Licensed Appraiser
State
Georgia
I do a good amount of work with Chase in Georgia. They do require supervisory appraisers to inspect the property. Its not a FNMA guideline. It's more akin to a Supplemental Standard.
 
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