Posts Tagged Fannie forms

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NOTE: Please scroll down to read the other topics in this long blog post on Fannie News on Forms and UAD, September Fannie Update, Bias (again), unusual homes, mortgage origination stats, etc.

5-24-18 Newz//UAD and Fannie Form Changes. Floating Island. Refis dropping(Opens in a new browser tab)

2021 Appraiser Fee Survey

By Ann O'Rourke on August 13, 2021 / appraisal classes, Appraisal fees, bias, Fannie, UAD / Leave a comment

Tags: appraisal business, appraisal fees, bias, Fannie, Fannie forms

2021 Appraiser Fee Survey

By Isaac Peck

Excerpt: The 2021 Appraiser Fee Survey includes 365 Metropolitan Statistical Areas (MSA), as defined by the U. S. Census Bureau, with rural areas included by state. The survey includes eight different appraisal products, including reviews and FHA appraisals, and addresses turn times, to offer insight into that controversial topic by area.

To check out the very detailed report for your MSA, click here

My comments: Lots of info by MSA! I got this info Wednesday and did not have time to look at it in detail.

Raise Your Fees, especially if working for AMCs!! Before AMC broadcast bids looking for the lowest fee, appraisal fees did not change much when volume changed. Since 1986 direct lender fees went up gradually. In my area, fees were about $250 in 1986 for SFR. Now fees have gone up to about $450 – $550 for regular long-time lender clients (and local AMCs). National AMCs are not loyal. Direct lenders can be loyal.

Fascinating and very comprehensive results by state and MSAs. I hear a lot about lenders and borrowers complaining about high appraisal fees. But in my area fees are not that high per the survey. I hear regularly about desperate AMCs who will pay $1,000 or more for appraisals. Appraisers are deluged with AMC appraisal requests, which are often deleted unopened of course. I also hear that sometimes the fee to the appraiser is much lower than the AMC fee.

The UAD and Appraisers – Past, Present, and Future(Opens in a new browser tab)

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NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, bias, fees, non-lender appraisals, UAD, Fannie Update, mortgage origination stats, etc.

Fannie says appraisal “forms” are going away

By Ann O'Rourke on April 2, 2021 / adjustments, george dell, state appraiser regulators / Leave a comment

Tags: adjustments, Fannie, Fannie forms, state appraiser regulators

Fannie Mae is Not Developing New Appraisal Forms

By Dustin Harris

Excerpt: Some of my colleagues have asked me, “What will the new forms look like?” Again, and I know it is a bit nit-picky, but there are no new forms. Rather, the GSEs are developing a cloud-based electronic container that will be used to report our findings rather than filling out a form and sending it in. Weird, I know, but it has its positives.

Currently, an appraiser needs to determine the proper scope of work to know which form is best for the situation. If it is a condo, it is likely a 1073. Single family residence, a 1004 or 2055.

To read more, click here

My comments: Nothing much new, of course. I have been writing about Fannie Modernization in the monthly newsletter and this newsletter for a while. Last week’s weekly newsletter had a brief Fannie Update – mostly the new timeline to 2024.

I also hear that Fannie will require a lot more data with more time required to fill out the online “form.” I can’t wait until we don’t have to decide which form to use! Especially since some “reviewers” and AMCs don’t really understand this.

A good example is how Turbo Tax software works. Instead of looking at every part of your printed tax return, it only shows what is relevant. For example, if you are filing as a single person or married. A single person would not have to look at the single vs. married part of the return.

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NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, crazy market now, adjustments, what fannie wants, mortgage origination stats, etc.

How to Fight Real Estate Agents’ Appraiser Blacklisting

By Ann O'Rourke on March 26, 2021 / AMCs, appraisal business, bias, Fannie, humor / Leave a comment

Tags: bias, blacklist, Fannie forms, humor, mortgage loan volume

How to Fight Real Estate Agents’ Appraiser Blacklisting

Excerpts: When a real estate agent “blacklists” an appraiser, the result is often that the agent’s lender/AMC contacts will stop using the appraiser completely (at the agent’s request), or occasionally, the lender will continue to use the appraiser but not assign the appraiser any of the transactions that that particular agent works on. In the case of the latter, sometimes the appraiser will be assigned an order only to have it canceled later that day once the real estate agent sees the appraiser on the order and calls the lender or mortgage broker to complain. I’ve talked to appraisers who have this happen several times a year with the same agent…

Having an order canceled and reassigned is sometimes the first and only indication to the appraiser that something fishy is going on, but some appraisers who abruptly stop receiving work from a client often don’t have to look far to figure out why. While “blacklisting” is sometimes more discreet, some appraisers actually have the real estate agent call them and tell them explicitly that they are going to actively prevent the appraiser from ever working on one of their transactions.

To read more, click here

My comments: Lender blacklisting has been around for decades. I remember when the blacklists were shared among lenders. Some appraisers said it was good to be on the blacklist of the not-so-ethical lenders.

Savvy AMCs (and lenders) often just don’t give the appraiser any more work. Putting an appraiser on a blacklist can be a big issue.

Good article with practical tips from Richard Hagar and the author.

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NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, Fannie Update, Bias, Humor, mortgage origination stats, etc.

Which Appraisal Clients are used the most?(Opens in a new browser tab)

Interview with The “Millionaire Appraiser”

By Ann O'Rourke on July 31, 2020 / appraisal business, Fannie, humor, hybrid appraisals, Mortgage applications, unusual homes / Leave a comment

Tags: appraisal business, Coronavirus, Fannie forms, Hybrid appraisals, unusal homes

Excerpt: How does one reach such a milestone? Terrence dropped out of school at what age? What advice can he offer to appraisers? These questions and much more will be answered by Terrence Bilodeau as he shares about his life’s journey and how he runs his business. The 23-minute Interview with The “Millionaire Appraiser”, Terrence Bilodeau, includes 2-minute introductory comments and a brief ad. Very good interview.

Read the appraiser comments below the video on the Vimeo website. (not many comments on Buzz web site).

Interview with The “Millionaire Appraiser”. I wrote about him in the June 19 issue of this email newsletter, using a recently published CNBC article. He was grossing $280,000 per year. It was very popular with my subscribers. Link to the article I used click here:

To read more, click here

My comment: This guy works way too hard!!

What Is An Appraiser?(Opens in a new browser tab) Humor

Which Appraisal Clients are used the most?(Opens in a new browser tab)

Appraisal Process Challenges(Opens in a new browser tab)

Crazy Appraiser Stories!!(Opens in a new browser tab)

What’s the appraisal definition for suburban?

By Ann O'Rourke on July 10, 2020 / adjustments, appraisal business, Appraisal Foundation, Coronavirus, Fannie, forecast, george dell, Mortgage applications, real estate market, USPAP, weird properties / Leave a comment

Tags: adjustments, appraisal business, Appraisal Foundation, appraisal how to, Coronavirus, Fannie, Fannie forms, mortgage lending, mortgage loan volume, USPAP, weird properties

Excerpts: The U.S. hasn’t had a formal definition for what constitutes a suburb. A new data analysis comes closer to defining America’s most popular neighborhood type. (Suburban appraisal definition is tricky.) What’s the appraisal definition for suburban?

The United States is a land of suburbs, with just one problem: No one’s quite clear what a “suburb” is.

It’s a question of semantics with real-world implications, as government programs, political campaigns and developers try to spend money in the “suburbs,” where a majority of Americans say they live despite the category having no formal definition.

For some people, it’s obvious: A suburb is a smaller city on the periphery of a larger city. Or it’s a sprawling neighborhood filled with vast swathes of single-family homes. Still other more dated conceptions of suburbia in the popular mind involve the people who live there: allegedly white, middle class and socially homogenous.

Now a new team of researchers believe they’ve cracked the code…

To read more, click here

My comments: Of course, if you do residential lender appraisals this is a Very Big Issue due to lender “requirements” such as no rural properties. Lots and lots of online discussion about this for a long time. Post this topic on your favorite Internet chat site or email list… and wait for the wide variety of opinions!!

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My Favorite Definitions

(This has been floating around for many years…)

Rural Suburban Urban

If you stand naked on the front porch and the neighbors can’t see you… it’s rural.
If you stand naked on the front porch and the neighbors call the cops on you… it’s suburban.
If you stand naked on the front porch and the neighbors ignore you… it’s urban.

There are other variations, of course, that are not suitable for this newsletter ;>

Pandemic and market for buyers and sellers: Appraisals

By Ann O'Rourke on May 1, 2020 / Coronavirus, Mortgage applications, real estate market, state appraiser regulators, UAD, USPAP / Leave a comment

Tags: appraisal regulations, Coronavirus, Fannie forms, mortgage loan volume, UAD, USPAP

By Ryan Lundquist April 30, 2020

Excerpts: Buyers more sensitive about location & condition: For years buyers have been exhibiting sensitivity to adverse locations and homes that are not in pristine condition. In other words, buyers have higher expectations about what they

75 percent alcohol disinfectant alcohol spray nearby a house concept of disinfecting the house

are buying and they aren’t overlooking the true condition of a home or paying top dollar for junk. I expect going through a pandemic will only inflame this dynamic.

Cash out at the top: Some people are concerned about the market changing directions, so we’ll see certain owners try to cash out at the top so to speak. I’m not saying we’re at the top of a price cycle. I’m only saying some people think the pandemic has pushed us or will push us into a new price cycle.

To read more, click here

Personal note from Ryan: Appraiser John Carlson GoFundMe: John is a well-known appraiser in Southern California and he is going through a difficult time as he was diagnosed with cancer and hospitalized. I invite you to pray for him and donate if you can. To read more, click here.

My comments: I spoke yesterday with a local appraiser friend who is thinking about selling her house and moving to a smaller, lowered priced house. (She is 78 years old, one year older than myself, but still appraising.) No listings or pendings in her area. Seemed like a good idea to me.

On June 29, McKissock had a webinar ” Appraising in a Pandemic”. In the last half hour, Ryan gave the best presentation I have ever seen on what to put in your report about the current market, not just a “I don’t know anything disclaimer”. He also had a sample statement slide. The recording was not available by my deadline. I will send it to you in next week’s email.

Appraisal Humor

Appraisal business tips

To read about lots more appraisal topics, continue reading below!

Price per square foot not very reliable for appraisals

By Ann O'Rourke on June 7, 2019 / Fannie, hybrid appraisals, lender appraisals, mortgage loan volume, real estate market, square footage, Strange homes, unusual home / Leave a comment

Tags: Fannie, Fannie forms, humor, Hybrid appraisals, strange house, unusal homes

Why price per square foot is not the appraisers choice

By Rachel Massey

Excerpt: Often, buyers and sellers are under the impression that it is simple to price a house by its square footage. Nothing is further from the truth, unless of course, all the comparable properties considered are within a couple square feet of each other and have the same quality and condition and are in the same immediate neighborhood with no variation in the value of the site.

Underneath all is the land. This means that a house that sits on a hypothetical 60×120 sqft site should have the same underlying value if the house were 1,000 sqft or 2,000 sqft. If land is selling for $50,000 for this 7,200 sqft lot, then the value of the land does not change in value because it has a larger or a smaller house on it.

For more information and to check out the graphs click here

My comment: Good explanation and graphs. Written for buyers and sellers but a good explanation when you are trying to explain why Price per sq.ft. often is not reliable. Also, a very good blog post marketing to buyers, sellers and real estate agents.

Covid-19 Residential Appraisers Tips on Staying Safe

When 1,000 square feet doesn’t count in an appraisal(Opens in a new browser tab)

What is Included in Appraisal Square Footage?(Opens in a new browser tab)

Tax records and Square Footage in Appraisals(Opens in a new browser tab)

To read more of this long blog post, click Read More Below!!

https://clevelandappraisalblog.com/2019/01/16/at-what-point-does-an-appraiser-need-geographic-competency/

Geographic competency for appraisers

By Ann O'Rourke on January 24, 2019 / AMCs, appraisal business, appraisal management company, AVMS, Fannie, forecast, hybrid appraisals, lender appraisals, mortgage loan volume, real estate market, UAD, USPAP, zillow / Leave a comment

Tags: AMC, appraisal business, appraisal management company, appraisal regulations, Fannie, Fannie forms, Hybrid appraisals, mortgage loan volume, real estate market, square footage, USPAP

At What Point Does an Appraiser Need Geographic Competency?

Excerpt: It seems that some, and I emphasize some, agents are of the mindset that if the appraiser’s office is not in relatively close proximity to the property being appraised, or if the appraiser doesn’t live in a nearby area, that they do not possess geographic competency. And they may be right.

However, the appraiser’s office location or where they live, in relation to the property being appraised, has little if anything to do with geographic competency!

To be geographically competent simply means that the appraiser has the skills and resources needed in order to competently complete the assignment, in harmony with the Uniform Standard of Professional Appraisal Practice (USPAP).

My comments: Why has this become so important? Once again, Lenders Run Appraising. AMCs do what they say. They put restrictions on how far away appraisers could be from their offices. Similar to the restrictions on how far away, or recent, comps should be.

Before USPAP and lender meddling, I used to appraise a large geographic area. If you are an experienced appraiser it is not hard to figure out neighborhoods, positive and negative factors, and read MLS for clues. Plus, contact local real estate agents and appraisers if needed.

I have been doing appraisals only in my small city for the past 2-3 years. The longer I appraise, the more I realized what I don’t know. I can hardly keep up with my very local market. Maybe I should only appraise within 2 blocks of my office ;> I go on tour every week but sometimes I miss a house if there area lot to see. Of course, that is always my best comp!!

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

To read more of this long blog post, click Read More Below!!

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http://www.workingre.com/certifications-understanding-what-youre-signing/

Appraisal Report certifications

By Ann O'Rourke on August 9, 2018 / adjustments, appraisal how to, appraisal waivers, Fannie, mortgage loan volume, Strange homes, unusual home / Leave a comment

Tags: adjustments, appraisal how to, appraisal waivers, Fannie, Fannie forms, mortgage loan volume, real estate market, strange house, unusal homes, USPAP

Certifications: Understanding What You’re Signing

By Tim Andersen, MAI

Excerpt: Next is another declaration to aid in the transparency of the analyses behind the appraisal. “I have performed no (or the specified) services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.” Here, the intent is to prevent the client from perceiving the appraiser is in any way biased for or against the subject property by disclosing any relationship the appraiser may have with the property.

Occasionally appraisers appraise the same property numerous times for different entities. This component of the Certification discloses the appraiser has received knowledge of the property from having provided a past service involving the property. Because of the use of the word services, it is clear if the appraiser has provided any services relating to the property, the appraiser must disclose them.

My comment: When I used to teach USPAP (before the Appraisal Foundation mandated what to teach) I always spent time on the 1004 certifications. I suspect that was the first time that attendees read them. I make my own certifications for my non-lender appraisals.

Covid-19 Residential Appraisers Tips on Staying Safe

For Covid Updates, go to my Covid Science blog at covidscienceblog.com

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