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Tag Archives: Fannie Mae
In the September and October 2011 AppraisalPort newsletters, I discussed the first report that was released by the United States Government Accountability Office (GAO) on real estate valuation methods. To refresh your memory, as part of the Dodd-Frank Act, the GAO was asked to study the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation Code of Conduct (HVCC), which established appraiser independence… Continue reading
For those waiting for the other shoe to drop after Freddie Mac requested $6 billion in additional federal bailout dollars last week, the wait wasn’t too long. On Thursday in a story by Derek Kravitz that was widely reported by newspapers, Fannie Mae asks taxpayers for another bailout, the Associated Press reported that Fannie Mae had indeed followed suit, requesting an additional $7.8 billion be added to the $112.6… Continue reading
As part of the Dodd-Frank Act it was mandated that the General Accountability Office (GAO) study the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation code of Conduct (HVCC), which established appraiser independence requirements for mortgages sold to Fannie Mae and Freddie Mac. In July the report titled “Residential Appraisals – Opportunities to Enhance Oversight of an Evolving Industry” was released. The… Continue reading
Late in the day Thursday, Reuters ran an article titled: “Freddie Mac loss widens, seeks $6 billion from Treasury.” Blaming low sale prices of foreclosed properties coupled with continued low interest rates on loans it refinanced, the company is requesting yet another infusion of public funds to cover its current losses. Having extended an unlimited credit line to Freddie Mac and Fannie Mae, the government now finds itself falling… Continue reading
Compliance with UAD doesn’t diminish the role of the lender’s underwriter or the lender’s responsibility to review the appraisal, according to Fannie Mae’s Bob Murphy, director of collateral policy, speaking as part of a panel presentation moderated by FNC Risk Manager Steve Conlin at the MBA QA and Underwriting Conference last week in New Orleans.
As of… Continue reading
The business news this week has not been unlike the weather. While market swings have moderated and somewhat stabilized, as the week ended, investors were still faced with both real and potential triple-digit swings. Economic conditions, like Hurricane Irene, seem to be slowly swirling, creating a vortex that no one can predict with certainty how, when, or with what fury it will come home to roost. The fact that 2012… Continue reading
Pop Quiz: Do you know the three UAD ratings to describe the overall effect on value and marketability of the view factors associated with the subject property? The answer is after the break.**
Sept. 1, 2011, is a date residential appraisers do not need to mark on our calendars. We have had it embedded in our minds for at least the past 7 months. Sept. 1 usually brings to… Continue reading
In less than a month (on June 27), Fannie Mae and Freddie Mac will begin accepting appraisal reports through an internet portal specifically designed to receive the property information and valuations as electronic data. FNC clients will be ready.
A week and a half ago, while working out early one morning, I heard a segment on both CNBC and Bloomberg TV where Tom Donohue, president of the U. S. Chamber of Commerce, was telling the audience that the Chamber was focused on creating jobs in the United States. In the segment with each network, he mentioned the Dodd-Frank financial reform bill that was enacted in July 2010 and the… Continue reading
The Washington Post reports:
“As head of Ally Financial’s foreclosure document processing team, 41-year-old Jeffrey Stephan was required to review cases to make sure the proceedings were legally justified and the information was accurate. He was also required to sign the documents in the presence of a notary.
In a sworn deposition, he testified that he did neither. He approved thousands of foreclosures from the nation’s biggest mortgage companies… Continue reading