Posts Tagged Fannie

Covid-19 Residential Appraisers Tips on Staying Safe

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

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this long 8-9-18 blog post with many topics, click Read More Below!!

http://appraisersblogs.com/reconciliation-tying-analysis-n-thought-process

Reconciliation for appraisers

By Ann O'Rourke on July 19, 2018 / AMCs, appraisal business, Appraisal fees, appraisal how to, Fannie, fees, Mortgage applications, unusual home / Leave a comment

Tags: AMC, appraisal business, appraisal how to, Fannie, real estate market, strange house, unusal homes

Reconciliation – Paint a Picture with Words

By Rachel Massey, SRA

Excerpts: The reconciliation is precisely the place we want to avoid any boilerplate…Appraisers relationships with their clients has similarity with other relationships, but mainly in that we have to really communicate with each other to avoid misunderstanding. This goes for the engagement of services and why we are being hired in the first place, and also goes for communicating our assignment results. In this article, the focus is on the reconciliation section of a written report. Reconciliation for appraisers is very important.

Read the article, and the comments at:

My comment: Excellent, well written article, as usual, from Rachel Massey. FYI, Rachel is a regular contributor to the paid Appraisal Today.

Covid-19 Residential Appraisers Tips on Staying Safe

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

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this 7-19-20 long blog post with many topics, click Read More Below!!

NOTE: Please scroll down to read the other topics in this long blog post on history of appraising, price declines, dining rooms, mortgage origination stats, etc.

7-5-18 Newz//Busy or Not?, Prices Dropping, Appraiser Hot Dog Stand

By Ann O'Rourke on July 5, 2018 / AMCs, appraisal business, Appraisal fees, fees, lender appraisals, real estate market, USPAP / Leave a comment

Tags: adjustments, appraisal business, appraisal fees, appraisal how to, appraisal management company, Fannie, real estate market, turn time, USPAP

Who’s busy and who’s not?

Varies widely around the country. Maybe it depends on housing affordability? See articles below. But, it is really hard to say what causes the geographic variation for appraisers.

Many areas have seasonal variations, but now we are in the traditionally strong summer months, so it is clearer that some areas have less appraiser work.

How do you tell if it is down? AMCs dropping fees. Fewer emails, phone calls, etc. Other appraisers complaining.

What about steady to increasing biz? Decent fees, turning down work, etc.

Changes in turn times and fees when biz slows down

Appraisers just don’t seem to understand that AMCs work for lenders and try to do what they want.

Why do AMCs/lenders want faster turn times?

AMCs work for lenders. They are competing on turn times primarily, like they always have. Business is very competitive and is declining.

Value pressure?

Is there more value pressure from some of your AMC clients?

Some lenders want to close as many loans as possible and keep profits from dropping.

Why do AMCs drop fees?

Direct lenders have their own fee panels don’t send out bid request to lots and lots of appraisers. Their fees don’t change dramatically. They have never focused on changing appraisal fees frequently. AMCs need lower appraisal fees to keep their profits up, just like you do. I have always thought of AMCs as very large appraisal companies that mostly fee out all their appraisals.

https://www.architecturaldigest.com/story/cool-public-bathroom-design

13 Very strange bathrooms for appraisers

By Ann O'Rourke on June 14, 2018 / AMCs, Appraisal Foundation, appraisal management company, appraisal waivers, Fannie, hybrid appraisals, mortgage loan volume, USPAP, weird properties / Leave a comment

Tags: AMC, Appraisal Foundation, appraisal regulations, appraisal waivers, Fannie, Hybrid appraisals, mortgage loan volume, state appraiser regulators, USPAP, weird properties

13 of the Craziest/Coolest Public Bathrooms

Just For Fun!!

Excerpt: We know, there is a lot to hate about public restrooms, but we’ve found they can actually be a very unexpected but very potent source of inspiration. We’ve never seen tile layouts like the ones in public facilities-and that’s why we like them. Overlapping squares with zigzag edges? A woven look with a whopping five different colors and two different tile sizes?

My comment: Wow! Vibrant colors and tiles….

Very unusual bathrooms for appraisers(Opens in a new browser tab)

Very Strange Appraisal Adjustments(Opens in a new browser tab)

Covid-19 Residential Appraisers Tips on Staying Safe

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

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

To read more of this 6-14-20 long blog post with many topics, click Read More Below!!

http://sacramentoappraisalblog.com/2018/05/17/itll-never-sell-that-high-but-then-it-did/

5-24-18 Newz//UAD and Fannie Form Changes. Floating Island. Refis dropping

By Ann O'Rourke on May 24, 2018 / adjustments, AMCs, appraisal business, appraisal how to, appraisal management company, data, Fannie, Freddie, lender appraisals, marijuana license, real estate market, state appraiser regulators, Strange homes, weird homes, weird properties / Leave a comment

Tags: adjustments, AMC, appraisal business, appraisal how to, appraisal management company, dodd frank, Fannie, Fannie forms, marijuana, mortgage loan volume, strange house, unusal homes, weird properties

Advertise with us. Very reasonable rates!

It’ll never sell that high (but then it did)

Excerpt: There’s no way it’s going to sell that high. Have you ever thought that in real estate? Well, let’s talk about a property that many said would never sell at $4.1M, but then it did. I definitely have some takeaways about this lofty condo in Downtown Sacramento (CA), and I hope non-locals will relate to the commentary. (My note: median home sale price is $367,500)

Details and lots of graphs at:

My comment: The median home sale price is $367,500. This is definitely an outlier for the area.

A floating Pacific island is in the works with its own government, cryptocurrency and 300 houses

Just For Fun!!

Excerpts: The Floating Island Project plans to create off-shore housing that uses its own currency and operates outside of government regulations.

– The project is a pilot program in partnership with the government of French Polynesia.

– A long-term vision for the project is hundreds of new countries floating on the ocean.

As well as offering a home for the displaced, the self-contained islands are designed to function as business centers that are beyond the influence of government regulation.

Check out the video and lots more details at:

https://www.cnbc.com/2018/05/18/floating-island-is-planned-with-government-cryptocurrency-and-houses.html

https://www.appraisalbuzz.com/lenders-appraisers-can-work-better-together-increased-transparency

5-3-18 Newz//Federal Enforcement of USPAP? Public Restroom App. Unusual Houses & Buildings

By Ann O'Rourke on May 3, 2018 / appraisal business, Appraisal fees, appraisal waivers, Fannie, hybrid appraisals, Mortgage applications, mortgage loan volume, state appraiser regulators, Strange homes, unusual homes, weird homes, weird properties / Leave a comment

Tags: appraisal fees, Costar, Fannie, mortgage loan volume, state appraiser regulators, unusal homes, unusual buildings, weird properties

Advertise with us. Very reasonable rates!

How Lenders and Appraisers Can Work Better Together Through Increased Transparency

By Wes Costello

Excerpts: The relationship between lenders and appraisers has never been quite right. The association was scared by improprieties of the few that led to a fallout of the many, with each party retreating behind walls of mistrust and perceived regulatory requirement. Recently, communication is civil but has been described as resembling two parties of a legal arrangement who speak to each other on an as-needed basis….

Anyone who has directed appraisal management knows that they are only as good as the appraisers they partner with. This makes it vital to value each member of your appraisal panel as an integral partner in your company’s business.

My comment: Well written and worth reading, plus the comments, of course. The author is a Senior Vice President of Quality Management & Collateral Risk at AnnieMac Home Mortgage… He is a Pennsylvania Certified Real Estate Appraiser.

Public Restroom App by Charmin: Find Clean Bathrooms!

Excerpt: A clean nearby public bathroom can be hard to find. But not all restrooms are created equal.

With SitOrSquat we put clean public toilets on the map. Literally. Clean locations have a green “Sit” rating. Less desirable ones have a red “Squat.”

So, the next time nature calls and you need to find a nearby restroom, SitORSquat will help you know where to go.

https://www.charmin.com/en-us/about-us/sitorsquat

My comment: Thanks to appraiser Jerry Walsh for this great tip. He has used it for years. I am downloading it today!! I coulda used this 40 years ago when I started appraising in rural areas….. Better than The Bushes or Behind A Tree ;>

https://georgedell.com/technology-human-logical-analysis-wins/

4-26-18 Newz//Tristar Waivers Denied. Fannie Update. FHFA Paper on Value of AMCs Questioned

By Ann O'Rourke on April 26, 2018 / AMCs, appraisal business, Fannie, FHA, forecast, lender appraisals, Mortgage applications, mortgage loan volume, real estate market, weird properties / Leave a comment

Tags: AMC, appraisal business, appraisal management company, appraiser shortage, Fannie, FHA, mortgage loan volume, real estate market, weird properties

Advertise with us. Very reasonable rates!

Technology or Human Logical Analysis? Who Wins?

By George Dell, MAI, SRA, ASA, CDEI

Excerpt: There is evidence that human judgment WINS – the appraiser opinion beats the AVM and other valuations based on technology. In fact, I have often heard that the qualified appraisal, based on the human logical analysis – is the “gold standard” for the industry. This appears to be true of client groups, and appears to be recognized in administrative law, our federal and state and “quasi-governmental” bodies such as Fannie Mae, Freddie Mac, and the Appraisal Foundation.

Even as we say this, the human model, the appraiser, continues to lose market share to other technologies and other “non-appraiser” value providers.

Worth reading at:

My comment: George Dell’s weekly blog posts are great, but short, as is appropriate for blogs. The May issue of the paid Appraisal Today newsletter will have a much longer article by George, “Will another profession replace appraisers?”

Uredd Rest Area (Ureddplassen)

Norway has built what may be the world’s most beautiful public toilet.

Just For Fun!!

Excerpt: Norway’s newest landmark is a place of absurd beauty. The redesigned rest area, situated along a section of the Norwegian Scenic Route, overlooks stunning views of the fjords and the open sea, and is a popular spot for visitors and locals to watch the northern lights in winter and the midnight sun in summer.

Now this picturesque place is quickly gaining a stranger kind of fame, for being home to what may be the most beautiful public toilet the world over.

Check out the Fantastic Photos and short description at:

https://www.atlasobscura.com/places/uredd-rest-area-ureddplassen

My comment: Wow!! What do I use in the field? Fast food, bushes, etc. ;> Sometimes a crummy restroom or smelly portable toilet in a public park… Please hit reply of you know any other great public restrooms…

Appraisers – How to Get Into Trouble

By Ann O'Rourke on February 1, 2018 / commercial appraisal, Fannie, hybrid appraisals, zillow / Leave a comment

Tags: appraisal regulations, Bad appraiser, Fannie, Hybrid appraisals, zillow

2 GREAT ways to get into trouble. Tales From Barry Bates

If you really WANT to get in trouble here are 2 ways to do it, (eventually) guaranteed to succeed.

Advertise your uniqueness!

More important than earning a living, providing support for your family or serving the general public is to let the world know who you really are!

When meeting a homeowner or commercial building owner for the first time, take a few minutes to explain your facial tattoos, your exotic mode of medieval dress and your political positions as shown by the 188 bumper stickers on your car. Some straights are freaked out by creativity, so it’s worth taking the time to

calm them down.

Pump that value!
It’s a “win win” for everyone! I mean, you’d think so, right? What refi borrower complains about a high appraisal? The lender sure won’t complain. Even in appraising for a loan to purchase, it will flatter the owner and facilitate the borrower’s deal, right?

To read the full Barry Bates blog post and interesting images plus add your comments, click here.

Covid-19 Residential Appraisers Tips on Staying Safe

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

Click here to subscribe to our FREE weekly appraiser email newsletter and get the latest appraisal news!!

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

NOTE: Please scroll down to read the other topics in this long blog post on Zillow sued, hybrid appraisals, mortgage origination stats, Covid tips for appraisers, etc.

12-21-17 Newz//: AMC appraisal fraud, Fannie Appraiser Update, CoStar vs Xceligent

By Ann O'Rourke on December 21, 2017 / AMCs, Appraisal Standards Board, bad appraisers, Fannie, Fraud, Strange homes, unusual home, unusual homes, USPAP, weird homes / Leave a comment

Tags: AMC, appraisal management company, Appraisal Standards Board, Fannie, mortgage loan volume, unusal homes, USPAP

The Three Most Fascinating Homes In 2017

Just For Fun!!

Very unusual… and two are very low priced ;>

You just gotta see this 2 minute FUNNY video!!

Death and Breakfast, House with Big Cave, and Very Old Historic House

https://www.realtor.com/videos/video-behold-the-most-fascinating-homes-of-the-year/db7fb804-6cd6-4556-887c-49410eb6d77a

The Appraisal Standards Board has issued new Q&As for December 2017, dated 12/19/17:

Note: personal property and M&E not included in the list below

– Communicating Assignment Results Without an Appraisal Report

– Workfile Requirements When Communicating Assignment Results

– Adding an Intended User

– Assignment Conditions versus Client Conditions

– Proposed Construction Employing an Extraordinary Assumption

– Proposed Construction Employing a Hypothetical Condition

https://appraisalfoundation.sharefile.com/app/#/share/view/seea70b822d24fa59?

10-12-17 Newz//FHA-Appraisers responsible for water quality reporting?, Hybrid appraisal survey

By Ann O'Rourke on October 12, 2017 / Collateral Underwriter, CU, data, evaluations, FHA, lender appraisals, Reviews, state appraiser regulators / Leave a comment

Tags: AMC, appraisal business, appraisal fees, appraisal regulations, collateral underwriter, evaluations, Fannie, forecast, future, Hybrid appraisals, mortgage loan volume, reviews, state appraiser regulators

New CU 4.2 makes it easier for lenders to change comp and subject data. MI companies can access CU

Excerpts: During the weekend of Dec. 9, we will implement Collateral Underwriter® (CU™) 4.2, (which includes) the ability to edit the subject and appraiser-provided comparable sales property characteristics. CU 4.2 will also provide mortgage insurers (MIs) with access to CU. Lenders will be able to give their MI risk partners access to appraisal-specific data by providing them the Doc File ID generated at the time of appraisal submission.

Comparable Sales Review Edit Feature

The ability to edit subject and appraiser-provided comparable sales property characteristics (currently available via the pencil icon in classic CU) will be added to the Comp Review page. Clicking on the pencil icon in the Edit column of the comparable sales review table will open the Edit Property Characteristic pop-up. If there are data errors or missing data elements, the edit feature can be used to modify the data elements and rerun the model with the revised data.

Click here to read the full release

My comment: Lenders have been able to change subject and comp data and now it will be easier? I didn’t know that they are able to change the data now. MI companies have access to CU? What about appraisers?