WASHINGTON DC – Several revisions have been made to the “frequently-asked questions” document about Fannie Mae’s Collateral Underwriter proprietary appraisal risk assessment application. It now includes new answers to questions of which certified appraisers should be aware, according to Polley Associates’ appraisal re-certification instructor Joe Summers.
The new content covers answers to:
- How much geographic coverage does the application provide?;
- How does the application handle new construction?;
- How does it handle properties in rural locations?;
- Will appraisers have access to the application?;
- Will the use of the application as an appraisal review tool by Fannie Mae lenders result in more work for appraisers, who may be asked to make changes based on the CU feedback?; and
- Will Fannie Mae purchase loans that receive high-risk scores and/or risk flags generated by the application?
Summers and other Polley instructors discuss the frequently-asked questions sheet, as well as the responsibilities of appraisers affected by Collateral Underwriter, during the school’s “Defensible Appraisal Practices” course. It currently is scheduled to be held May 14 and June 12 in Newtown Square PA; and April 30 and June 2 in Blue Bell PA.
An Adobe Acrobat copy of the document is available for download from Polley Associates, here.
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