IMPROVEMENTS TO THE APPRAISAL PROCESS: You cant just name your list price, you must have comparables to support the value :) On January 26, 2015 Fannie Mae will implement changes to the Uniform Collateral Data Portal or UCDP that was created in January 2013. New software is being implemented by Fannie Mae for appraisal quality called Collateral Underwriter. The automated Collateral Underwriter or CU software will introduce an appraisal risk score, flags and new messages of warnings if the appraisal does not meet what is in Fannie Maes database of properties. Basically the intent of the new changes are to safeguard appraisal errors and have another check and balance for the integrity of the appraisal. This may require extra work from appraisers which may lead to higher costs of appraisals. It could also delay the review of the appraisal by Lenders underwriters to override concerns of CU. The bottom line is to make sure everyone does the extra work required to check comps when listing a house or presenting a contract to avoid appraisal issues.
Posted on: Fri, 16 Jan 2015 23:05:41 +0000
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