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50 Ways to Lose Your Lender

January 14th, 2014 by Bill Collins Leave a reply »

Fannie Mae Posts Q&A Regarding Their "Appraisal Quality Monitoring"

In our last newsletter, we discussed Fannie Mae Lender Letter LL-2013-10 which describes how we appraisers are being carefully monitored through the Uniform Data Collateral Portal for inaccuracies and inconsistencies in data reporting.  Last Monday they released their FAQ (Frequently Asked Questions) for lenders as to their “Appraiser Quality Monitoring” (AQM) process and the “AQM” list which will be posted monthly.  This list will be made available to lenders only, not to appraisers or appraisal management companies (AMCs).  Fannie Mae notes that the “AQM list is protected content on our business portal”.

Some “highlights” from the FAQ:
Regarding actions taken against “…appraisers whose appraisal reports exhibit egregious issues…Fannie Mae will contact the appraiser and the lender that delivered the loan(s) informing them that either 100% of the loans submitted with appraisals from the identified appraiser will be reviewed by Fannie Mae in the post-purchase file review process or Fannie Mae will no longer accept loans with appraisals completed by the specific appraiser”.

Fannie Mae will seek to train and educate appraisers through “targeted communication” to help “improve data quality”.  Letters will be sent to appraisers whose reports “…exhibit a pattern of minor inconsistencies, inaccuracies, or data anomalies”.  The intent of this letter is “educational” and is intended “…to provide them with an opportunity to improve their work”.  The note that “the appraiser may choose to respond to the letter”.

Notification to lenders regarding appraisers who are “subject to 100% review”:  Fannie Mae will inform lenders who have delivered loans “…supported by appraisals from that appraiser…of the reason for the action, with examples provided”.  They go on to say that: “Lenders that have not delivered loans to us with appraisals by the individual appraiser will not have access to the reasons for the 100% review action”.

Regarding communication between lenders and AMCS, Fannie Mae states:
“Lenders may inform service providers with which they have a business relationship, including AMCs, of the presence or absence of a specific appraiser on the list. The actual AQM list may not be distributed”.

My reaction to this and that of other honest, diligent, professional appraisers I have spoken with is multi-faceted. On the one hand, it is wonderful if Fannie Mae’s efforts weed out the undesirable, dishonest, incompetent appraisers who have not yet been exposed as such.  On the other hand, an automated system such as this could lead to “false readings” such as occasions whereby an appraiser obtains new information on a comparable sale leading to a change in condition reported from one appraisal to the next.

Fannie Mae does not exactly describe “50 Ways to Lose Your Lender”, it provides an FAQ of 15 (not 50).  Please excuse us for taking some “creative liberties” to brighten an otherwise cold, dark winter day.  And appraisal is still partially art as well as science, right?

A link to the Fannie Mae FAQ is found here:

Appraisal Quality Monitoring FAQs (opens a .pdf)

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50 Ways To Lose Your Bad AMCs

Okay, still not 50 but Paul Simon offers the following advice for ways to rid yourself of AMCs that are annoying, abusive and low paying:

“You just slip out the back, Jack
Make a new plan, Stan
You don’t need to be coy, Roy
Just listen to me
Hop on the bus, Gus
You don’t need to discuss much
Just drop off the key, Lee
And get yourself free”

The lyrics are from Paul Simon’s 1975 hit song “50 Ways to Leave Your Lover”.  Simply good advice for dealing with problematic AMCs.  Who knew that Paul Simon was not issuing advice on relationships only when he prophesized all of this AMC business almost 40 years ago?

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A Reminder for Commercial Appraisers

Check out Commercial Express from Narrative1. During these busy times, the need for short format commercial appraisal formats (which allow for quick data input, analysis and report generation) is great and we suggest checking out this new product from the number one commercial appraisal software company.

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers support and grow their businesses. Please consider supporting us today by seeing what we and our sponsors have to offer.

Narrative 1 Commercial Express

Click Here to learn more about Commercial Express by Narrative1


Appraiser Help’s 2014 Directory of AMCs and National Appraisal Companies is Now Available!

To help appraisers evaluate how AMCs will work for their appraisal practices, we have compiled this expanded directory of AMCs and National Appraisal Companies, listing complete, contact information and other details for each listing.

If you’re looking to maintain or expand your mortgage appraisal practice, our Directory of Appraisal Management and National Appraisal Companies is a great place to start.  Order it today for $69.99 and download it immediately!

Please visit our website now to make your purchase securely or contact us at (877) 434-2825 for more information on this comprehensive directory!

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Rates & Dates

Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends reported mixed results in mortgage interest rates in their most recent surveys. 

On January 9th, Freddie Mac reported that 30-year fixed-rate mortgages fell to 4.51% from 4.53%. They also noted that last year at this time the 30-year rate was at 3.40%. 

The Mortgage Bankers Association (MBA) reported on January 8th (for the week ending January 3rd) that 30-year rates with conforming loan balances ($417,500 or less) remained unchanged from the previous week at 4.72%.   The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) also was unchanged at 4.66%.  Rates for FHA backed mortgages moved upward to 4.36% from 4.35%. 

In a press release the following day, the MBA projected a significant increase in commercial and multifamily lending in 2014.  Approximately half of lenders polled by the MBA expect total market originations to increase by greater than 5% with almost two thirds anticipating their own mortgage volume to increase by 5% or more.  A link to this press release is found here: Commercial Mortgage Lender Appetite Expected to Exceed That of Borrowers in 2014

In their press release of January 8th, the MBA reported an increase of 2.6% in mortgage applications with refinance applications unchanged at 63% of all applications.

On January 10th, HSH Market Trends reported that 30-year mortgage rates dropped to 4.62% from 4.64% the previous week, the first decline in rates after seven straight weeks of rising rates. Rates for FHA-backed mortgages also fell from 4.27% to 4.24%.

Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS – Freddie Mac

Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts – Mortgage Bankers Association

Additional information from HSH can be found by going to: HSH.Com

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Ask Angie

We would first like to congratulate our most recent winner: California appraiser Shain Hashemi.  Shain covers Los Angeles County and Angie notes that the last two contest winners have come from California.  Shane was the first to answer correctly that Abraham Lincoln is the author of the quote “The best way to predict your future is to create it”; James Agate is responsible for “New Year’s Resolution: To tolerate fools more gladly, provided this does not encourage them to take up more of my time” and Johnny Carson quipped “I know a man who gave up smoking, drinking, sex, and rich food. He was healthy right up to the day he killed himself.” 

Today’s questions:

1. Who said: “Be who you are and say what you feel, because those who mind don’t matter, and those who matter don’t mind."

a) Dr. Seuss
b) Tina Fey
c) Mark Twain
d) Chris Christie
e) None of the above

2. Who said: "Whenever you find yourself on the side of the majority, it is time to pause and reflect."

a) Thomas Jefferson
b) Mark Twain
c) John Adams
d) John Boehner
e) None of the above

3. Who said: "I will not let anyone walk through my mind with their dirty feet."

a) The Dalai Lama
b) Chogyam Trungpa Rinpoche
c) Mahatma Gandhi
d) Aldous Huxley
e) None of the above

The first person to respond with the correct answers wins a choice of one of the following:

One Free Regular Listing on AppraiserHelp.com

A Free Copy of the Newly Released 2014 Directory of Appraisal Management Companies (Available to Members of AppraiserHelp.com and FHAAppraisers.com FREE!)

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Tell us what you think!

We invite your responses to any of the issues raised in this newsletter. Please e-mail us at: bill@appraiserhelp.com with your thoughts!

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We really hope you find our newsletter to be informative!  If you have any input on future topics for discussion, please email me your questions and I will do my best to address them in the next issue.  If you want to look back at past issues you can see our archive at www.appraisernews.com

Regards,

Bill Collins, Appraiser Help Inc.

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