This loan is not going to FNMA or FREDDIE

[NJ Valuator]

Client states that loan is not going to Fannie or Freddie so it does not want me to follow ANSI yet still wants report completed on a URAR.

I am not complying but would like to know if you would.

 

[George Hatch]

Is there a reason they don't want ANSI compliance?

 

[Bob Ipock]

Client states that loan is not going to Fannie or Freddie so it does not want me to follow ANSI yet still wants report completed on a URAR.

I am not complying but would like to know if you would.

Why would you not? Neither USPAP nor the URAR 1004 require ANSI.

 

[Terrel L. Shields]

Non-conforming conventional loans are still loans, and the forms are fine for that. The forms are not for non-lending uses. And who really gives a crap about ANSI but the GSEs?

 

[NJ Valuator]

Why would you not? Neither USPAP nor the URAR 1004 require ANSI.

Because a GSE form should not be used for not Fannie/Freddie related assignments.

 

[NJ Valuator]

Is there a reason they don't want ANSI compliance?

Here is the situation. I had posted a thread a few days ago regarding ANSI and ceiling height. The situation is that the house I am appraising has a ceiling that does not meet ANSI ceiling height requirements so hence the SF was not included in the GLA field.

HOWEVER, I DID INCLUDE THE FINISHED NON-GLA & ADJUSTED FOR IT SEPARATELY IN THE SALES COMPARISON GRID AS PER FANNIE/FREDDIE PROTOCOL.

The contract price is not supported by the market so the client kicked it back stating that "This loan is not going to FNMA or FREDDIE" and want me to not abide by ANSI because they want the square footage that they think is missing to be included in the appraised value. They do not understand that whether the SF adjustment is made in the GLA field or as a separate line item the result is going to be the same. I explained the situation ad nauseam within the appraisal and conveyed that the adjusted value range will not change regardless where the adjustment is made. They think that if the SF is included in the GLA field as opposed to a separate line item the outcome will magically change.

The problem I have is that the LOE sent to me called for a URAR to be completed and part of the LOE SOW was to follow ANSI and all other Fannie guidelines. A GSE form should not have been requested in the first place.

 

[CGinMN]

Whether it should be or not, the 1004/70 gets used all the time for jumbos, HELOCs, portfolio, servicing, and other non-agency loans. Just make the change, put the lender’s request in an addendum, make a big fat disclosure in BOLD, and be done with it. If you really want to be a stickler, ask them to provide an amended engagement letter stating this is non-agency and ANSI should not be used.

 

[Bob Ipock]

The Fannie/Freddie forms are the public domain. They are developed in conjunction ether the ASC, the AI and other entities . Every appraisal software company incudes the form in their package. It can be used for any lending appraisal because in many cases loan will be sold to investors who want appraisals on the URAR 1004.

 

[Tiffany Gibbons]

Here is the situation. I had posted a thread a few days ago regarding ANSI and ceiling height. The situation is that the house I am appraising has a ceiling that does not meet ANSI ceiling height requirements so hence the SF was not included in the GLA field.

HOWEVER, I DID INCLUDE THE FINISHED NON-GLA & ADJUSTED FOR IT SEPARATELY IN THE SALES COMPARISON GRID AS PER FANNIE/FREDDIE PROTOCOL.

The contract price is not supported by the market so the client kicked it back stating that "This loan is not going to FNMA or FREDDIE" and want me to not abide by ANSI because they want the square footage that they think is missing to be included in the appraised value. They do not understand that whether the SF adjustment is made in the GLA field or as a separate line item the result is going to be the same. I explained the situation ad nauseam within the appraisal and conveyed that the adjusted value range will not change regardless where the adjustment is made. They think that if the SF is included in the GLA field as opposed to a separate line item the outcome will magically change.

The problem I have is that the LOE sent to me called for a URAR to be completed and part of the LOE SOW was to follow ANSI and all other Fannie guidelines. A GSE form should not have been requested in the first place.

You are the appraiser. Set your own standards and look at the comps. Realize that multiple people both informed and not so informed will see your appraisal. Is this basement or finished attic or what?

 

[NJ Valuator]

The point that I am also trying to convey is that it will not make a difference. The appraised value is not going to change whether or not ANSI is followed.