Why field review after closing

[Fernando]

I'm doing a field review but purchased has recently closed.
Why did AMC asking for a review after closing? Wouldn't it been better prior to closing?
Is my review mainly to criticize original appraiser if done incorrectly?

 

[Dublin ohio]

I'm doing a field review but purchased has recently closed.
Why did AMC asking for a review after closing? Wouldn't it been better prior to closing?
Is my review mainly to criticize original appraiser if done incorrectly?

You should decline the assignment

 

[Fernando]

Am I too judgy? Are my standards too high? Should I hold back in my criticisms?
Appraisal is in my hometown. I already see appraiser didn't note subject is on a street with above average traffic in neighborhood.

 

[BRCJR]

I'm doing a field review but purchased has recently closed.
Why did AMC asking for a review after closing? Wouldn't it been better prior to closing?
Is my review mainly to criticize original appraiser if done incorrectly?

It is not uncommon for field reviews to be done after closing. FNMA/Freddie have requirements for loans sold to them and post-closing reviews can part of it.


FNMA issued Selling Guide Announcement SEL-2021-04 (Announcement), updating QC collateral risk assessment requirements. Currently, a lender is required to obtain an appraisal field review for 10% of the loans selected for QC review in the random sample, and a desk review is required for the remaining 90% of the sample. The new policy replaces the current appraisal QC requirements with a new collateral risk assessment for all loans selected for a QC review in the random sample. If the lender is unable to complete an adequate assessment or appropriately determine the quality of the origination appraisal, it may order either a desk review or field review from a licensed appraiser. FNMA also introduced a new, optional Post-Closing QC Collateral Risk Assessment Analysis review framework and checklist to assist lenders in performing the required post-closing appraisal review. The updated requirements are effective immediately.

Click to view the Fannie Mae Selling Guide Announcement SEL-20201-04: https://www.tenaco.com/wp-content/u...g-Guide-Announcement-SEL-2021-04-05-05-21.pdf

 

[Fernando]

I know we discussed much what constitute a bedroom.
Appraiser sees the downstairs family room with closet and bathroom as a bedroom.
Originally subject was called as 3 bedroom.
I feel its a family room.
Subjective in how different appraisers call it but I'm right.

 

[Dublin ohio]

I know we discussed much what constitute a bedroom.
Appraiser sees the downstairs family room with closet and bathroom as a bedroom.
Originally subject was called as 3 bedroom.
I feel its a family room.
Subjective in how different appraisers call it but I'm right.

Another reason you should decline the assignment

 

[Terrel L. Shields]

A review is to see if it complies with USPAP and the SOW. It is not to display your personal appraisal peccadillos.

 

[Dublin ohio]

Am I too judgy? Are my standards too high? Should I hold back in my criticisms?
Appraisal is in my hometown. I already see appraiser didn't note subject is on a street with above average traffic in neighborhood.

Three strikes. Your outa there

 

[Fernando]

A review is to see if it complies with USPAP and the SOW. It is not to display your personal appraisal peccadillos.

Although it's not to my appraisal peccadillos, the appraisal did appear to justify the value. I'll go easy on the appraiser.

 

[Terrel L. Shields]

Although it's not to my appraisal peccadillos

and don't mistake your peccadillos for your armadillos.