http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips! Appraisers: Dave Towne On Fannie Mae Changes To Selling Guide Wins Appraisal Institute Praises
This is an email I just received from Washington State Appraiser and Appraiser Educator, Dave Towne
“Appraisers……..
Changes are coming effective Sept. 1 in the way appraisal reports are prepared, appraisers are selected, etc., mandated by FannieMae.
Attached is the PDF of the Fannie announcement, which updates the Selling Guide. This PDF has ‘active links’ built in so you can go directly to the Selling Guide document.
The synopsis below is from the Appraisal Institute’s Appraiser News Online for July 7, 2010.
AI Praises New Fannie Mae Guidelines
The Appraisal Institute applauded June 30 guidelines from Fannie Mae aimed at improving the quality of residential appraisals, including a requirement that lenders cannot use inexperienced or incompetent appraisers. A July 2 American Banker story said Fannie wants lenders to explain any changes made to a property’s appraised value and that Fannie provided further guidance on how to determine comparable sales.
The changes are part of a wider effort within the lending industry to promote appraiser independence and help loans get completed. The new guidelines, widely seen as attempting to correct some of the unintended consequences of the Home Valuation Code of Conduct, take effect on all new loans originated on or after Sept. 1.
Appraisal Institute Government Relations Committee Chair Richard Maloy, MAI, SRPA, SRA, said the new requirements may result in lenders rethinking their use of third-party vendors such as appraisal management companies. “The buck now stops at the lender,” Maloy told American Banker. “Fannie is saying the lender is held responsible for the appraiser’s selection even if they were selected by an AMC.”
Fannie will require that appraisals include interior photos. Borrowers have vandalized homes, which lowers the value of other homes in foreclosure. Fannie also clarified that lenders are not required to use an AMC. Lenders may speak with an appraiser, and that appraiser must respond to the request. As is currently the case under the HVCC, loan production staff may not speak with the appraiser. (Note…this is not effective until Sept. 1 per the announcement)
According to American Banker, Fannie said that a minimum of three comparable sales must be reported. If a lender makes an adjustment to an appraised value, the dollar amount of the net adjustments should not exceed 15 percent of the sale price of the comparable sale.
Dave Towne, Towne Appraisals, 360-708-1196, Appraiser Education Service”
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Appraisers: Dave Towne On Fannie Mae Changes To Selling Guide Wins Appraisal Institute Praises
by http://realestateappraisertips.info/ on July 7, 2010
http://www.realestateappraisertips.info/ - Real Estate Appraiser Tips! Appraisers: Dave Towne On Fannie Mae Changes To Selling Guide Wins Appraisal Institute Praises
This is an email I just received from Washington State Appraiser and Appraiser Educator, Dave Towne
“Appraisers……..
Changes are coming effective Sept. 1 in the way appraisal reports are prepared, appraisers are selected, etc., mandated by FannieMae.
Attached is the PDF of the Fannie announcement, which updates the Selling Guide. This PDF has ‘active links’ built in so you can go directly to the Selling Guide document.
The synopsis below is from the Appraisal Institute’s Appraiser News Online for July 7, 2010.
AI Praises New Fannie Mae Guidelines
The Appraisal Institute applauded June 30 guidelines from Fannie Mae aimed at improving the quality of residential appraisals, including a requirement that lenders cannot use inexperienced or incompetent appraisers. A July 2 American Banker story said Fannie wants lenders to explain any changes made to a property’s appraised value and that Fannie provided further guidance on how to determine comparable sales.
The changes are part of a wider effort within the lending industry to promote appraiser independence and help loans get completed. The new guidelines, widely seen as attempting to correct some of the unintended consequences of the Home Valuation Code of Conduct, take effect on all new loans originated on or after Sept. 1.
Appraisal Institute Government Relations Committee Chair Richard Maloy, MAI, SRPA, SRA, said the new requirements may result in lenders rethinking their use of third-party vendors such as appraisal management companies. “The buck now stops at the lender,” Maloy told American Banker. “Fannie is saying the lender is held responsible for the appraiser’s selection even if they were selected by an AMC.”
Fannie will require that appraisals include interior photos. Borrowers have vandalized homes, which lowers the value of other homes in foreclosure. Fannie also clarified that lenders are not required to use an AMC. Lenders may speak with an appraiser, and that appraiser must respond to the request. As is currently the case under the HVCC, loan production staff may not speak with the appraiser. (Note…this is not effective until Sept. 1 per the announcement)
According to American Banker, Fannie said that a minimum of three comparable sales must be reported. If a lender makes an adjustment to an appraised value, the dollar amount of the net adjustments should not exceed 15 percent of the sale price of the comparable sale.
Dave Towne, Towne Appraisals, 360-708-1196, Appraiser Education Service”
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