Will Fannie tank appraisals in 2015?

By
Real Estate Broker/Owner with Rush Point Realty LLC, Victoria Frieberg, broker

A couple of years ago one of my local appraisers told me he would be leaving the field after almost 30 years.  He thought the writing was on the wall for real estate moving to a new norm of desktop appraisals, controlled by the large GSE's..and his line of work would be almost obliterated.

Yesterdays article by Trey Garrison in the HousingWire about the new Fannie Mae program launching this month would seem to support his train of thought.

I am assuming we have all seen the nightmares that Fannie can create in short sale or foreclosure situations. When I see that Fannie will now 'flag potential errors in an appraisers evaluation' I fear for this summers transactions for all of us, buyer, seller, agent and lender.

At the very least the Collateral Underwriter program could slow closings, and if the past is any indicator..some extra charges will follow with the lenders who  to utilize the program..and their appraisers who will need to be defending their work.

 

https://www.fanniemae.com/content/fact_sheet/collateral-underwriter-fact-sheet.pdf 

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Victoria Frieberg

Realtor, Broker, Rush Point Realty LLC
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