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What is the latest on the $50 waiver?

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Brad in SAC

Freshman Member
Jan 25, 2002
I was just wondering what happened to the $50 waiver everyone on the forum was freaking out about a couple of months ago as it dominated forum discussion in December and January. I read that article by Kenneth Harney last December and thought those waivers were to take over in February. None of my brokers know anything about them and I can't find any more commentary on them and no one mentions them on the forum anymore. I was just wondering what the latest is.

Leon Stewart

Jan 15, 2002

It's my understanding that it's in the Test Stage and only a few Lenders were selected for this part of the program. I assume that when they finish this phase they will expand it.


Farm Gal

Elite Member
Jan 14, 2002
Professional Status
Licensed Appraiser
I believe it is being implemeted for more than a few test lenders... as I have had several appraisals ordered, and then cancelled lately, with reason given as:

" Because their credit scores were so high they don't NEED an appraisal."

will be interesting to see how this plays out.

J in Florida

Senior Member
Jan 17, 2002
Professional Status
Certified Residential Appraiser
I've had more that one LO tell me they doctor up their DU or LP submission in order to get a no appraisal needed finding. LO's and realitoors are getting spoiled by these things and not paying attention to property issues anymore, so when there is one (like value or repair issues) they panic.


Doug in NC

Elite Member
Jan 17, 2002
Professional Status
Certified Residential Appraiser
North Carolina
Business was substantially off from last year in February, but January was way up. Overall, business is average or above so far this year.


After FNMA figures they don't need an appraisal, they'll
removed the next vexing cost, title insurance, then
they'll do a GIECO and eliminate the LO, you don't
need UW because they just slow down production.
After that Fannie will reduce staff in order to meet
quarterly earnings. Finally the FICO score people
will either do DU or Fannie will eliminate messing
with scores. Eventually Fannie's deratives position
will reverse on them (cause that's how they'll hedge
their risk) and they'll be in the deep muddy,
just like Enron.

Oh well, by then, I'll be retired on a beach.
When they do the post mortem and decide
appraisals are an important function in the loan
process I might do some part time work.

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