Fannie Mae Answers Appraisers Questions
Southeastern Evaluation Team
These past several years, Fannie Mae has engaged in countless hours of conversation with lenders about appraisal quality. Its analysis of the date – collected through its Uniform Collateral Data Portal (UCDP) – informs a variety of policy changes and was instrumental in the development of Collateral Underwriter (CU), a proprietary appraisal review application.
Collateral Underwriter has 2, 340 registered lenders with 20,537 unique users and has processed more than 27 million appraisals. This provides an extensive database of market data.
To share these finding with the broader appraisal industry, SEE recently joined with Fannie Mae to offer the Collateral Policy Update & Technology Guidance for Appraisers Webinar.
Hosted by SEE’s own Mark Chapman and Gaby Arena and presented by Fannie Mae credit analysts Julia Jones and Jeremy Staudenmaier, the webinar directly addressed appraiser questions concerning the importance of appraisal quality, and offered insight into how appraiser reports are part of the greater lending environment.
Through this webinar, Fannie Mae explained how it measures appraisal quality and why it is important to Fannie Mae. It also provided insights into how lenders use CU and highlighted recent policy changes and gave practical suggestions for how to navigate the new datacentric landscape.
For all of you unable to join us, SEE would like to share some of the webinar highlights:
The Great Recession of 2008 changed the lending landscape in profound ways. One result is that appraisal quality is now seen in relation to the overall financial transaction.
Why is Appraiser Quality Important? To answer that question, Fannie Mae pointed to five main reasons:
What are the most common unacceptable appraisal practices that Fannie Mae sees:
To address these issues and ensure overall appraisal quality, Fannie Mae has taken the following actions:
The webinar then went into greater details about these issues and exploited certain facts and myths that surround appraisal quality and how Fannie Mae accesses these issues.
This webinar is part of Southeaster Evaluation’s ongoing efforts to provide better customer service. With turnout high for this event., SEE hopes to continue to sponsor events of importance to the appraisal industry.
If you have any questions or suggestions for future webinars, please let us know.