New Fannie/Freddie Forms

[chad hampton]

Their data is mostly junk. Thanks to the GSEs policies, this is the most screwed up housing market in my lifetime. Wait till they’re privatized. Life is pretty easy when you’re making policies that are backed by the US taxpayer. Wait till they’re on their own and see things change.

 

[Tim Hicks (Texas)]

Their data is mostly junk. Thanks to the GSEs policies, this is the most screwed up housing market in my lifetime. Wait till they’re privatized. Life is pretty easy when you’re making policies that are backed by the US taxpayer. Wait till they’re on their own and see things change.

The sooner the better. I wonder how important waivers and hybrids would be then?

 

[GWISC]

My cut and paste of Socrates attached FNMA example appraisal for the new form. See comment #31.

I see that "Agatha Appraiser" marked the HBU box, but did not expand on support for HBU. Even their example is short-cutted.

Expanded form with likely more depressed fee pressure and likely even shorter turn-times. Yay!!.

I too can't wait to retire.

 

[The Bob]

Here is the form itself. You can see that they are collected very, very specifi data. Comparable sales will be populated from public records and MLS. The problem I see with that is that agents data and assessors data is frequently wrong or missing. I always default to assessor data as my verification source. The issue I see relying on data that has been collected by others. Gathering data that is drilled down will again, as I indicated before, widen the amount of data that they have for algorythms and automation. I honestly believe 5 years from now we will not recognize the appraisal profession.

I can't believe they are still asking for "marketing time" when the definition of MV in the 1004 states "3. a reasonable time is allowed for exposure in the open market." I know it's minor, but still. An "as of date" appraisal assumes an appropriate amount of exposure time.

 

[shrubberyvaluation]

They have standardized them on the new forms that are coming - click the link and watch the video.

standardized adjustments?

 

[RustyTapeMeasure]

Like i said, the new uad will kill off many left who really don't want this aggravation (i'm there). And love to see how much more we can get. With non lender, i suppose i can get them up a little, but is a little enough, or should the fee be $1,000. Fannie now thinks the micro conditions of the house are the key factors in the value. But then, oh look homeowner, appraisers are charging way to much for just a value number. Just like having that useless dishwasher checkbox on page one.

I say 1 year after the new uad, it will be an appraiser desert, maybe done intentionally. But then, maybe i can get $1,000 for the one that i will be doing each week. I started back to my fix/flip days, 1 a week will be fine for me. Well, we will see. I do like my direct lenders, they are friends.

But for decades i made $8,000 dishwasher adjustments it was not warranted ? and to your main point......just round after round of getting pounded, appraiser profession is history for 90-95%. How crazy for any new person to expend energy to become one.....they must be getting quite the sales pitch about this amazing career.....oooops.

 

[RustyTapeMeasure]

Their data is mostly junk. Thanks to the GSEs policies, this is the most screwed up housing market in my lifetime. Wait till they’re privatized. Life is pretty easy when you’re making policies that are backed by the US taxpayer. Wait till they’re on their own and see things change.

of course it is junk and they do not care. extrapolated over the much larger data set of loans I am sure they have considered the screw up rate on particular loans( property values) to not have a great effect on anything AND like you say if so, tax payer will take care of mistakes on large scale.

 

[glenn walker]

Their data is mostly junk. Thanks to the GSEs policies, this is the most screwed up housing market in my lifetime. Wait till they’re privatized. Life is pretty easy when you’re making policies that are backed by the US taxpayer. Wait till they’re on their own and see things change.

You will be in a care home long before that happens...you think Democrats are unhappy with closings USAID...Fannie Mae is the Democrats and money center banks biggest laundering mat. Money that never stops going to banker's and DC K Street boy's.l..appraisers won't even be a thing in the future.

 

[sputnam]

We can do both! We can work to remain relevant and Complain!

We can... but, generally, we don't. Most appraisers do their mandated 28 hours of CE every other year.. and that is all they do to improve their appraiser education, to upgrade their professsional credentials. Of course, some work to be better more or less constantly... those folks are not the norm.

 

[Fernando]

I thought Fannie's new form was in preliminary phase. I'm finding out it will be in place end of year. WTF.