Fannie Mae is engaging appraisers with their new Appraiser Update Newsletter which “is intended to promote more proactive communication with the appraisal industry and ensure alignment between appraisers, appraisal management companies, lenders and Fannie Mae.” In this first edition you will find information regarding hot topics such as Day 1 Certainty, Collateral Underwriter stats and Selling Guide updates. There are also links to Fannie Mae in the news and other helpful resources for appraisers.
The Collateral Underwriter stats are of particular interest, indicating data discrepancies and adjustments are the most common quality risk flags. It is important to remember though, that risk identified through automated controls does not necessarily mean the appraisal report is in error. While oversights can happen, it is our experience at PCV Murcor that these risk flags often occur due to discrepancies among typically reliable data sources or variations in reasonable adjustment methods. Regardless of the reason for the flag, users of appraisal reports will need to resolve the indicated risk item.
In order to avoid questions from clients, PCV Murcor’s Quality Control team suggests appraisers do the following:
- Acknowledge and reconcile within the appraisal report any significant discrepancies between your data and other available sources.
- Summarize the logic and reasoning for any adjustments applied in the report along with data that demonstrates the adjustments were market derived.
You can get a copy of the Appraisal Update Newsletter here.