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Fannie Mae Lender Letter LL-2013-10 made it clear that lenders are ultimately responsible for the accuracy and consistency of any appraisals submitted through the Uniform Collateral Data Portal® (UCDP®).
The new Fannie Mae requirements highlight the importance of appraiser selection and management as well as appraisal quality. Loans are subject to repurchase requests if they fail Fannie Mae’s new weekly appraisal reviews in the following areas:
The appraiser’s state license or certification must be current as of the effective date of the appraisal. Fannie Mae checks appraisals against the National Registry maintained by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.
Data from the appraiser must be consistent for the same property and same transaction across multiple appraisals. Fannie Mae has the ability to identify patterns of inaccuracies and inconsistencies related to property characteristics.
Fannie Mae also clarified that other appraisal-related issues could result in repurchase requests in particular cases.
Don’t flinch when Fannie Mae calls—it’s not about your appraisals.
With PCV Murcor, you can rest assured that your appraisals are accurate and compliant before we send them to you. PCV Murcor’s proprietary technology compares all submitted appraisal data to detect inconsistencies. We then work with the appraiser to correct any deficiencies. All appraisers on our panel are constantly reviewed and graded on the timing and accuracy of their appraisal reports and we verify that they are licensed, experienced and knowledgeable in their areas.