I can't keep up with the Fannie Mae Guidelines!

Neither can sellers, buyers, appraisers, or the whole membership of MENSA. Just when you thought you had HVCC handled, then stuff happens. One way we have "worked" with HVCC is to do comps for appraisers, and leave them in an obvious spot for their perusal, and it seems that out of state lenders like appraisers that are out of the city and do not subscribe to our MLS system. It was my thought that HVCC was supposed to guaranty competent appraisals without coersion. Well, that competent part hasn't worked ourt so well so far in Oklahoma City.

Now for the fun part, we finally got a local apprasier who has a reputation for being one of the best, and I agree with that assessment. We had a rental property that the owner was selling to an owner-occupant doing a conventional mortgage with 20% down, full Fannie Mae. The appraisal came in at $5,000 over the selling price, and it was not an expensive property. In the old days, you just sat back and waited for the closing. But as the Isley Brothers said in the song Shout, "Now wait a minute". The underwriter saw that the appraser put in the description fair to average. Because the fair was in there, repairs from an inspection had to be done by closing, and this was an "as is" sale. The buyer was fine without the repairs, the seller was going to do none at the negotiated price, the young's man's father was a general contractor, and he needed to move immediately. We could change the contract, start over a delay this puppy another two weeks, or the buyer could at his own risk do the repairs.

Here's my problem, after the loan closed I talked to the appraiser who is a friend. I asked him about his use of fair to average. He was not aware that that would trigger a new and unknown to everybody, Fannie Mae guideline change. Plus, no one could talk to the appraiser about this becasue of HVCC. I was not about to try because if those are the rules then we have to follow them, no matter how stupid. He would have changed the description to just average had he known. Help me out people, am I raising a stink about no big thing, or are we at the tip of the iceberg of constant and poorly announced changes?

I asked the lady in the picture to check the eight ball, and all she got was ask me tomorrow. So should we defy the HVCC rules that are absurd, or just be quiet?