Fannie Mae’s Collateral Underwriter (CU) program is intended to give lenders access to the same appraisal analytics that Fannie Mae uses in its quality control process. It performs an automated risk assessment of appraisals submitted to the Uniform Collateral Data Portal (UCDP) and returns…
New construction is treated a little differently by lenders, FHA, and the GSEs. As you appraise these properties, you must take into consideration certain features and attributes that don’t necessarily apply to re-sales. It requires more work, so you want to be sure that…
We often receive questions from appraisers regarding Fannie Mae and the cost approach. For example: “I’m appraising a property and have been instructed to comply with Fannie Mae guidelines. I understand that Fannie Mae requires the sales comparison approach, but what if there aren’t…
The presence of an additional living unit may complicate the appraisal process by making it difficult to know how to classify the subject property. How do you know whether you’re dealing with an accessory dwelling unit (ADU) or a second unit? Use the following…
The U.S. housing market value rose to a whopping total of $33.3 trillion in 2018. Software company CoreLogic will sharpen its focus on appraisals beginning this year. A recent survey shows that Gen-Xers and older Millennials would rather invest in stocks vs. real estate.…
Earlier this week, Fannie Mae issued a new edition of its Appraiser Update e-newsletter; this edition was titled Special Edition for Rural Appraisal. The newsletter covers several topics of interest to rural appraisers, including a summary of recent changes to Fannie Mae’s policies, information…
Apparently, a misunderstanding has led to shrinkage of the appraisal business—and a clarification might allow it to flourish again. For the past several years, a common complaint has been that the appraisal industry is aging, and that the influx of new appraisers (such as…
Hard stops are data “errors” that cannot be overridden by the lender. When the UAD and the UMDP were first implemented, lenders were allowed to override errors that would pop up when they did their check of the report. Eventually, Fannie Mae and Freddie…
On August 29, Freddie Mac released Bulletin 2018-13 which officially confirmed what almost everyone had already suspected—they are following Fannie Mae’s lead in eliminating the requirement for appraisers to include the 1004MC (Freddie Mac Form 71) as an attachment to appraisal reports. In…
The Fannie Mae Selling Guide is a comprehensive guide for lenders who sell loans to Fannie Mae. Although the Guide is targeted toward lenders, it also contains information that applies to appraisers. After all, the appraisal is an important part of the loan documentation.…
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