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Under federal law, mortgage lenders are required to work at arm’s length during the appraisalprocess, partnering with independent appraisal management companies who assign the work to state-licensed professional appraisers,” a spokesperson for Rocket told HousingWire.
By now, most appraisers are aware that Fannie Mae and Freddie Mac (GSEs) have embarked on a complete overhaul of the Uniform Appraisal Dataset (UAD). These codes, or language, make sense to appraisers but confuse uninitiated readers of our reports. Most appraisers have diversity in their business channels.
Fannie Mae and Freddie Mac are not designing the software for the future, but they have provided the specification for the Uniform Appraisal Data set (UAD) they want to receive. It is up to appraisal software companies to develop solutions to provide this specific data set. This methodology has its issues as well.
When selecting an appraiser, it’s important to choose someone who is licensed and qualified to perform the type of appraisal you need. Many appraisers’ professional experiences are limited to mortgageappraisals. They may not be familiar with reporting requirement for other appraisal purposes.
11 Helpful Tips For Choosing Comps Whenever I speak to agents about the real estate market and the appraisalprocess the one topic that the discussion always leads to is about choosing comps. By superior I refer to the different features that contribute to higher sale prices of homes.
Kiedrowski The most recent statistics show Value Acceptance accounts for up to 40% of all mortgage approvals. It is presented as part of the GSEs “Appraisal Modernization” initiative, which aims to streamline the mortgageappraisalprocess.
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