Why field review after closing

[ReviewGuy]

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?

The GSEs and FHA require Post Close QC audits which include credit and appraisal review components. We do a statistically meaningful sample of each month's closed loans. Only FHA still has a requirement for 10% field reviews of the audit sample pulled, the GSEs have not required field reviews since 2021 unless as a lender you feel it is necessary on a case by case basis. They can also be used for many other purposes of course, such as fraud review, portfolio review, etc.

Do not turn them down, as some suggested, which is just silly. They can be a nice supplement to your business if you get the right fee. However be competent in appraisal review to know what is expected, as most I have seen over the past 10+ years don't fully understand what is expected and required for a field review.

 

[Carnivore]

This is not accurate, the GSEs did away with the field review requirement. SEL-2021 simply states that it is no longer required but is simply a tool for the lender to use within their Post Close QC audit plans.

All the GSE's are doing is allowing more flexibility to the Lenders. It helps the lender speed up the closing.

This selling guide is dated 3/1/2023 They are putting more and more responsibility on the lender, where it should be. Especially when using Property Data Collector's. What can go wrong? Well as you know the fastest n Cheapest is the AMC game plan. They are getting big time in the Desk-top stuff and using Harry the aluminum Can Collector Part time PDR Dude. In my state some County GIS are not as sophisticated as other are.

FAQs: Appraisal and Property-Related (Nov. 2023)

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