Using Collateral Underwriter to Turn Appraisers In

[Terrel L. Shields]

Perhaps an effort to justify reducing the use of appraisers...?

 

[djd09]

CU is not a baby anymore. something is not right. the lender is responsible for reviewing the appraisal. Well, did it meet the intended user(s) needs or not?

 

[Mejappz]

Well, did it meet the intended user(s) needs or not?

That's all that matters.

 

[Mejappz]

Classless in bed with Fannie, who would have thought.

 

[djd09]

what was the CU score? 2.5 or lower? idk

 

[Mejappz]

So the moral of the story is that Fannie, TAF, state-boards, etc., are driving appraisers into suicide and divorce. And are on the warpath to improve their crappy AVM. Sad but true.

 

[djd09]

Q13. What should lenders do if they see differences between the CU results and results from other appraisal review tools?

Fannie Mae provides CU to our lenders to use independently or in conjunction with other tools they deem
appropriate for their business processes. Lenders that deliver loans to Fannie Mae are responsible for reviewing
appraisals to confirm that they meet our policy guidelines, and must make their own decisions about review tools
that meet their business needs and how to utilize the results.

SCOPE OF WORK ACCEPTABILITY

The scope of work must include the research and analyses that are necessary to develop credible assignment results.
Comment: The scope of work is acceptable when it meets or exceeds:
• the expectations of parties who are regularly intended users for similar assignments;

didn't the appraisal meet their policies and expectations? because if they funded the loan, it sure seems like it did

 

[Tru Red]

Watched in it's entirety. Scary what FNMA is doing to appraisers...................................but not a bit surprising. FNMA has wanted appraisers gone for many years.

 

[alebrewer]

This is new? In most states, anyone can file a complaint against an appraiser. Fannie has been filing complaints against appraisers for as long as I can remember. Fannie, however, has no authority to discipline appraisers (with the exception of putting an appraiser on their ineligible roster). The state(s) still hold the authority to investigate, and discipline, appraisers. The concern should be whether or not a particular state changes course to become more punitive. Until that happens, the state(s) are still the gatekeepers as regards disciplinary action(s). Appraisers can't retaliate against Realtors or borrowers... why would that be different from Fannie? If the report is solid, then the appraiser should have nothing to worry about with respect to state disciplinary actions...

 

[residentialguy]

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