As part of their appraisal modernization efforts, Fannie Mae and Freddie Mac (the GSEs) have issued test forms for Hybrid and Desktop appraisal assignments. The forms will be made available to the major appraisal report software providers. The GSEs have also aligned on guidance…
Appraisers are notoriously busy, which is why we’ve scoured the internet for the latest appraisal-related news and information to help our followers stay up-to-date. Here are some of the highlights in appraisal news from the past two weeks. Fannie Mae Extends Deadline Date on…
On May 5, 2020, Fannie Mae announced that the temporary appraisal flexibilities that were outlined in Lender Letter 2020-04 (LL-2020-04) have been extended until June 30, 2020. The revised Lender Letter can be found here. Freddie Mac made a similar announcement, also extending their…
Ever since Fannie Mae and Freddie Mac (the GSEs) created the Uniform Appraisal Dataset (UAD) several years ago, real estate appraisers must rate building quality on a standardized scale from Q1 (best) to Q6 (worst). If you are performing appraisals for the intended use…
In response to the COVID-19 crisis, Fannie Mae has posted Lender Letter 2020-04 (LL-2020-04), which permits temporary revisions to GSE appraisal requirements in this time of national emergency. This Lender Letter can be found here. Fannie Mae and Freddie Mac have been working together…
The US housing market may be in trouble. One author argues FHA mortgage insurance premium pricing is not likely to drop, despite what others have predicted. Marcus by Goldman Sachs® and HouseCanary roll out a home addition calculator for homeowners considering renovations. Freddie Mac…
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…
At an industry conference on July 29, 2018, a Fannie Mae spokesperson announced that Fannie would be making revisions to its Selling Guide, effective in August 2018. Perhaps the most significant planned revision will be the elimination of the requirement for appraisers to include…
As a result of the last U.S. economic crisis, a lot of people now know a lot more about the secondary mortgage market. Before the crisis, the secondary mortgage market was a mystery to most Americans, and it was only really important to mortgage…
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