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pnalley

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FannieMae just issued a new update to their Selling Guide:

 

https://www.fanniemae.com/content/announcement/sel1609.pdf        See top of page 3.

 

NOTE: this applies to FNMA only.  FrMac, VA, FHA have other policies regarding these kinds of changes.

 Opinions please. Does this mean we do update the appraisal itself? Or do we still put changes after the effective date on an addendum. TIA

 

For FNMA,  this is info you and your clients may want to know about:

 

Disclosure of Information to Appraisers

Currently, we require the lender to provide the appraiser with all amendments made to a sales contract, including amendments that are made after completion of the appraisal. With this update, we have clarified when the appraiser must be provided with updates to the sales contract and circumstances that warrant updates to the appraisal. For example, if the contract is amended in a way that affects the description of the real property used by the appraiser, then the lender must provide the updated contract to the appraiser and the appraisal should be updatedHowever, minor updates to the contract, such as changes to seller paid closing costs or changes to the contract price, do not require an updated appraisalIn addition, we have updated the policy to require disclosure of changes to financing information (such as loan fees and charges, and subordinate financing provided by interested parties) to the appraiser only for purchase transactions.


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nogava

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Reply with quote  #2 
We should also be aware that loan limits have just increased across the board.

FNMA went from $417,000 to $424,100
http://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Announces-Increase-in-Maximum-Conforming-Loan-Limits-for-Fannie-Mae-and-Freddie-Mac-in-2017.aspx

FHA went from $342,000 to $358,800 (Forsyth County & some others)
https://www.fha.com/lending_limits_state?state=GEORGIA




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BillDing

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Quote:
Originally Posted by pnalley
 However, minor updates to the contract, such as changes to seller paid closing costs or changes to the contract price, do not require an updated appraisal.

Typical FNMA double speak.  It is required for us to get the contract and all info because it may affect value then we don't have to get concession changes...as if those don't ever affect value. [rolleyes]

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Bobby

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Reply with quote  #4 
Quote:
Originally Posted by BillDing

Typical FNMA double speak.  It is required for us to get the contract and all info because it may affect value then we don't have to get concession changes...as if those don't ever affect value. [rolleyes]


Steps on how to work for government backed companies.

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RubberStamp

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I read stuff like this and I wonder sometimes why I'm an appraiser.  It really is true.  And you, my appraiser friend, have done more actual work than an entire office of gov't workers last year.   And we're the ones going extinct.  Go figure.
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Meatloaf

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Quote:
Originally Posted by RubberStamp
I read stuff like this and I wonder sometimes why I'm an appraiser.  It really is true.  And you, my appraiser friend, have done more actual work than an entire office of gov't workers last year.   And we're the ones going extinct.  Go figure.


Trumps in office.  Would hate to be THAT government worker now.

They forgot to mention TPS reports... And specifically putting a cover sheet on them.

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