Property Inspection Waiver - FNMA Says No More Appraisers!

[Argentum]

FNMA claims to save home owners money by skipping the Appraisal and now allows lenders to waive the appraisal for certain refinance transactions.

The property inspection waiver issued through Desktop Underwriter using Fannie Mae’s database of more than 23 million appraisal reports in combination with analytics from Collateral Underwriter.

Click this link for a full explanation...

https://www.fanniemae.com/content/fact_sheet/property-inspection-waiver-fact-sheet.pdf

 

[djd09]

Kind of counters the most recent sale requirements, describing current improvements, and the 1004 mc.

Bye bye miss American pie.

 

[J Grant]

This topic was posted several times recently

 

[djd09]

Must be nice to skip your own requirements. Since they did require the biggest bailout in all of history , it begs the question if they should be bypassing the appraisal safeguard.

 

[Elliott]

I had a desktop request, the other day (I think at $75) and told them I don't do them. Two days later they submitted the request again. Still don't do them.

 

[Mike Kennedy]

Feb 28 2017 update:

Eligible Transactions
 One-unit properties, including condominiums
 Principal residence, second home, and investment property transactions
 Limited cash-out refinance transactions up to a 90% LTV/CLTV for principal residences and second homes; up to 75% LTV/CLTV for investment properties
 Cash-out refinance transactions up to a 70% LTV/CLTV for principal residences; up to a 60% LTV/CLTV for second homes and investment properties
 Loan casefiles that receive an Approve/Eligible recommendation

Purchase transactions and the majority of refinance transactions will not receive a PIW offer, which means they will require an appraisal by a qualified residential appraiser to establish the market value.

Ineligible Transactions
The following are not eligible for a PIW offer:
 Properties located in a disaster-impacted area
 Purchase, construction, and construction-to-permanent loans
 Two- to four-unit properties
 Loan casefiles where the value of the subject property provided to DU is $1,000,000 or greater
 HomeStyle® mortgage products (Renovation and Energy)
 DU Refi Plus™ loan casefiles*
 Texas 50(a)(6) loans
 Leasehold properties, community land trust homes, or other properties with resale restrictions
 Cooperative units and manufactured homes
 DU loan casefiles that receive an ineligible recommendation


https://www.fanniemae.com/singlefamily/property-inspection-waiver

 

[timd354]

FNMA claims to save home owners money by skipping the Appraisal and now allows lenders to waive the appraisal for certain refinance transactions.

The property inspection waiver issued through Desktop Underwriter using Fannie Mae’s database of more than 23 million appraisal reports in combination with analytics from Collateral Underwriter.

Click this link for a full explanation...

https://www.fanniemae.com/content/fact_sheet/property-inspection-waiver-fact-sheet.pdf

This is nothing new as it was announced way back in October, 2016 and actually went into effect in December, 2016

https://www.fanniemae.com/content/announcement/sel1608.pdf

I suggest signing up with both Fannie and Freddie to receive their updates via email so that you keep abreast of changes that affect appraisers in a timely manner - you can sign up to receive updates on their websites

 

[Riick]

It's truly a shame that Fannie was bailed out.
Since they're now setting the stage for yet another Financial Fiasco - with underwriting decisions from (wow!) COMPUTERS.

The wonderful thing about computers is that:
(a) They do *exactly* what they're told - no Independence whatsoever.
and
(b) No one *EVER* looks at the programming so you can have them say whatever the (heck) you want.
and
(c) A "decision" by an all-knowing Kom-Pew-Ter is something *everybody* believes in.
(Until they finally see the man behind the curtain)

 

[djd09]

The CU will be the greatest scapegoat ever. Judge it wasn't me, it was the computer.

Does the PIW have to follow USPAP? Or inspect the comparable sales from at least the street? now they have two sets of rules.

 

[TRESinc]

The CU will be the greatest scapegoat ever. Judge it wasn't me, it was the computer.

Does the PIW have to follow USPAP? Or inspect the comparable sales from at least the street? now they have two sets of rules.

once again you demonstrate you have no knowledge of the subject you comment on. you should probably break your mold and go read something before you start spouting off about it.