Will Collateral Underwriter make you less likely to take on Fannie Mae assignments? Comments
1/28/2015 8:38:50 PM
2/11/2015 10:33:33 PM
3/4/2015 11:24:17 PM- CU sets up too many potential conflicts such as the Market Addendum required and the CU's analysis of Trade Area Boundaries and market direction.
3/4/2015 5:05:12 PM
2/10/2015 4:49:56 PM
4/7/2015 3:23:31 PM- The Whole Process is Flawed and puts extra liability on the appraiser
3/13/2015 11:35:15 AM
4/10/2015 10:45:02 PM
4/16/2015 1:20:17 AM
1/22/2015 4:59:46 PM
3/3/2015 5:29:22 PM
4/3/2015 12:44:33 AM
3/24/2015 2:22:16 PM
1/29/2015 4:10:04 PM
4/9/2015 4:12:27 PM
3/5/2015 12:12:41 AM
2/17/2015 6:33:32 PM
2/10/2015 11:16:08 PM
1/21/2015 2:51:20 AM- U/W unfortunately often lack the correct skill set to do the job properly to the disservice of many factions/stockholders.
3/25/2015 3:24:59 AM - Unless appraiser's are allowed to be furnished the documentation CU refers to we are all "Guilty until we prove ourselves innocent"
2/24/2015 2:40:40 PM
4/7/2015 6:27:50 PM- The borrower should be qualified to buy a property and there would be less problems.
1/22/2015 3:25:17 PM - You cannot stay in business and not do work for Fannie Mae.
3/12/2015 4:01:42 PM
1/27/2015 1:28:50 PM
4/7/2015 2:05:08 PM
2/20/2015 12:01:20 AM
2/4/2015 12:03:28 AM
3/31/2015 4:26:53 PM- This is going to make us very careful about doing more complex and rural residential properties for secondary market loans. Due to the fact that the CU will penalize adjustments that aren't cookie cutter. And never read the commentary that might explain why the adjustment is a little different. We can't afford the chance that we might be negatively targeted for doing a better job than the average to below average appraiser and don't match the bottom 66% who don't really know how to do these types of properties. Will be staying focused on local lenders and in-house loans. We already ignore requests from AMCs. It simply isn't profitable now, and will be even less profitable when they listen to the CU and stip every project without reading the appraisal.
1/29/2015 5:07:26 PM
3/5/2015 11:55:40 AM- My fees will increase, but I will work where hired.
2/10/2015 5:44:20 PM
1/27/2015 2:19:36 PM
3/31/2015 2:17:09 PM
4/2/2015 7:44:57 PM- I live and work in an exceedingly rural area, matched pairs are rare; sometimes only 1 or 2 comps in a market sector in a year; 12004MC is meaningless because of the few sales; now this...not a chance
2/3/2015 5:40:18 PM
1/27/2015 2:27:55 PM- Historically, I have focused on REO & Distressed Asset Valuations. Just last year, I started accepting Origination Orders, but, with all the BS going on in Lending Appraisal work. I am probably going back to the REO world and wait & watch from the sidelines, prior to doing much more Lending Appraisals.
1/23/2015 3:43:23 PM - any time I can avoid fannit mae I will
3/11/2015 12:58:35 PM - Appraising to a box....
4/2/2015 4:59:04 PM
3/30/2015 11:04:48 PM
2/26/2015 4:48:48 PM- CU will and should increase fees to offset the tech knowledge and time associated with the assignment requirements
3/6/2015 2:22:09 PM
3/26/2015 4:47:46 PM
3/12/2015 4:06:10 PM
4/9/2015 5:27:38 PM- It is excessive. The basis is flawed. The data, taken from appraiser files, without consideration, is sufficient for additional testing but it is not rich enough, or deep enough, to support the finite extrapolations that are intended. Net result - lender angst. This translates to lender / AMC overreaction, at least in the near term, which translates to additional appraiser work much of which, if not most of which, will be unnecessary. Of course the appraisers time is of no consequence and has not been considered. And there will certainly be no consideration of additional fees to supplement the time lost time. Appraisers have not yet returned to a place of "customary and reasonable " fees following HVCC. now we are to experience CU. Good deal - huh?
2/3/2015 5:11:26 PM
4/9/2015 3:32:01 PM
2/3/2015 5:35:29 PM
3/17/2015 2:50:47 PM
3/12/2015 1:18:17 PM
3/17/2015 3:00:33 PM
2/19/2015 7:13:17 PM
3/5/2015 3:31:34 PM
2/26/2015 3:38:48 PM
1/28/2015 3:25:10 PM
2/27/2015 3:56:19 AM
2/19/2015 6:16:03 PM
2/11/2015 12:22:21 AM
4/8/2015 3:47:55 PM
3/24/2015 3:46:49 PM
1/23/2015 8:09:55 PM
2/10/2015 9:44:50 PM
2/23/2015 3:36:36 PM
1/22/2015 4:55:03 PM
1/19/2015 6:30:45 PM
2/4/2015 3:18:47 AM
3/26/2015 4:15:17 PM- When did fannie become the God almighty, a year ago they just about out of business. It's time to find new employment, 26 years down the drain.
4/3/2015 2:30:13 PM
2/24/2015 4:36:42 PM
3/24/2015 1:08:29 PM
2/5/2015 6:40:56 PM
4/9/2015 3:50:18 PM
2/3/2015 3:10:50 PM
1/30/2015 1:02:14 AM
4/14/2015 3:37:35 PM
4/14/2015 2:20:35 PM
3/12/2015 4:58:01 PM- Will gladly keep accepting assignments if AMCs and Lenders would agree to actually pay a customary and reasonable fee.
3/18/2015 5:46:30 AM - I stopped FNMA assignments two years ago. Typical of governments, they go from one extreme to the other, from overly lax qualifications, to overly stringent requirements that NO ONE can possibly fulfill.
When the governments gets involved IN ANY industry the results always follow the same pattern.
3/26/2015 8:05:32 PM
3/12/2015 2:13:23 PM
2/3/2015 10:23:04 PM
4/13/2015 4:30:50 AM
4/14/2015 9:51:08 PM- As long as you provide accurate appraisals and do your due diligence CU won't be a problem.
3/19/2015 7:25:33 PM
4/13/2015 4:47:17 AM
3/26/2015 6:00:58 PM
4/6/2015 7:02:23 PM
2/26/2015 5:01:49 PM
1/27/2015 3:55:47 PM
2/7/2015 1:00:58 AM
4/7/2015 3:24:34 PM
3/27/2015 1:00:39 PM
3/4/2015 8:10:43 PM
2/12/2015 3:20:29 PM
4/2/2015 4:07:29 PM
3/25/2015 2:39:14 AM
1/27/2015 5:24:37 PM
1/27/2015 7:59:26 PM
1/20/2015 11:02:00 PM- I try and take mostly VA assignments with a few Conventionals sprinkled in
2/5/2015 4:49:22 PM
3/26/2015 9:37:37 PM
2/5/2015 4:47:16 PM- They are my only client
3/26/2015 2:16:37 PM
1/29/2015 7:31:09 PM
1/27/2015 3:22:48 PM- Either you know it or you don't have a clue
1/27/2015 4:09:42 PM
3/4/2015 5:04:04 PM
1/27/2015 4:53:54 PM
4/2/2015 1:13:35 PM
1/22/2015 7:54:04 PM
4/3/2015 2:27:07 PM
1/28/2015 7:34:40 PM
1/28/2015 1:48:40 AM
3/10/2015 4:14:31 PM
3/4/2015 8:33:03 PM- I wish! I make most of my income doing FHA appraisals for AMC's.
2/13/2015 2:56:54 PM
4/5/2015 12:43:59 AM- There really is not much of a choice is there?
3/10/2015 6:08:45 PM - When the lenders get licensed, then yes. Beat up the little guy, no thanks.
1/27/2015 4:42:05 PM
2/9/2015 10:19:23 PM- I was trained by the AI. I am not pleased with being graded by folks who have no clue about my rural market and many times have not even thoroughly read my appraisal report.
4/1/2015 1:49:26 AM
4/14/2015 4:02:07 PM
2/10/2015 9:13:43 PM
4/2/2015 3:12:24 PM
1/27/2015 4:05:37 PM
3/24/2015 2:31:41 PM
2/3/2015 3:55:50 PM
1/27/2015 4:26:36 PM
1/23/2015 1:15:53 AM
1/20/2015 10:13:46 PM
3/12/2015 1:31:33 PM
3/11/2015 11:27:06 AM
4/6/2015 8:27:21 PM
2/17/2015 4:23:21 PM
3/4/2015 12:16:06 PM
3/7/2015 1:22:31 PM
2/24/2015 6:48:04 PM
1/22/2015 11:07:09 PM
3/3/2015 4:12:16 PM- Just make the rules clear and
functional. I will try to handle
it the best way possible. Why not set up a few benchmarks of
various homes as samples. The
Federal Land Bank/Farm Credit System use in in the early days
and is was very effective in bringing about consistance in the appraisal of rural properties. G. Reynolds Wilborn
WILBORN APPRAISALS - COLUMBIA,SC. 803 237-3455...
3/12/2015 5:37:27 PM
2/19/2015 3:33:12 PM
3/19/2015 2:11:30 PM
1/22/2015 5:31:38 PM
1/27/2015 3:34:17 PM
3/17/2015 1:52:13 PM
4/7/2015 2:58:54 PM- there are to many unanswered questions with respect to CU
3/26/2015 3:45:04 PM
3/24/2015 2:46:59 PM
2/24/2015 2:38:34 PM- The most recent (12/14) U.S. Valuation Profession Fact Sheet prepared by the AI Research Department indicates a total of 78,800 appraisers. The report indicates that 31% of this number prepare residential appraisals and that there is a steady loss of 3% of the current appraisers each year. The CU will most certainly increase the number of appraisers leaving this business resulting is a serious appraiser shortage in the near future. Expect higher appraisal fees and longer turn times!
2/10/2015 10:15:10 PM
1/25/2015 1:44:45 AM
1/27/2015 5:43:17 PM
1/27/2015 10:27:04 PM
1/27/2015 6:45:13 PM- Yes, more time required to analyze sales not used, no more fee. Time to leave the business..
2/11/2015 9:58:19 PM - at least until we know what ramifications lie ahead
1/27/2015 9:36:55 PM
2/17/2015 5:40:52 PM
2/17/2015 5:19:44 PM
2/3/2015 2:50:44 PM
3/27/2015 3:35:33 AM
1/22/2015 2:09:32 PM
4/5/2015 2:34:40 PM- Only for those jobs that are "out of the ordinary". No reason to take on a challenging assignment where judgment becomes the main rationale tool when "the computer" thinks it can all be reduced to a mathematical answer. I'll let those more gifted in creative story telling with meaningless phrases and pounds of useless text have it.
3/3/2015 9:03:39 PM
3/17/2015 7:29:02 PM
3/24/2015 5:05:05 PM- There is too much liability. My fees have been increased substantially to cover the additional work.
3/3/2015 6:27:55 PM
3/17/2015 3:34:12 PM
2/26/2015 5:27:32 PM
4/9/2015 7:28:01 PM- Tired of the open season on appraisers. What other professional is attacked so much and paid so little?
2/24/2015 5:47:47 PM
4/3/2015 12:52:15 AM
2/17/2015 5:27:04 PM
3/5/2015 9:03:17 PM
2/10/2015 11:10:18 PM- If you are doing your due diligence and providing consistent and quality appraisals there is no need to fear collateral underwriter.
4/14/2015 10:05:10 PM
2/24/2015 4:10:47 PM
3/3/2015 5:05:38 PM
3/26/2015 2:58:23 PM- ANAPPRAISAL IS AN OPINION OVALUE
BASED ON THE DATA AVAILABLE. FNMA
IS TRYING TO MAKE AN APPRAISAL SONETHING THAT IT IS NOT. THIS WILL DELAY CLOSING AND ELEMINATE
SOME GOOD APPRAISERS.
2/5/2015 8:22:13 PM
2/18/2015 4:51:04 AM
3/24/2015 2:18:10 PM- But we cannot prove our adjustments from matched pairs or allocation, etc. due to lack of sales, and certainly due to lack of large subdivisions with ample sales in a rural area. Further complicated by oldest housing stock with varying renovations, and varying acreage.
2/20/2015 1:55:01 AM
2/17/2015 5:07:40 PM- Not doing fnma
2/6/2015 10:28:28 PM
3/28/2015 3:00:34 PM- CU is a lenders tool and not an appraisers. CU does not change the standards expected of appraisers, but is meant to finally hold us to them.
3/17/2015 3:09:55 PM