On January 22nd and February 3rd VMG presented a webinar on the following key topics listed below. You will find a link to the PDF version of this webinar and the actual feed to the webinar itself listed below.
1. On January 26, 2014, Fannie Mae and Freddie Mac (the GSEs) will be implementing the second phase of the conversion of current Uniform Appraisal Dataset (UAD) compliance warning edits to fatal UAD edits in the Uniform Collateral Data Port (UCDP), as outlined in the November 2013 UCDP Release Notification and UAD Update.
2. Fannie Mae’s Quality Control Process
• Monitoring Appraisers’ Quality of Work
• Noting minor inconsistencies found
• Noting more egregious issues found
• They are now keeping a list of appraisers under 100% review or work rejected all together
• List of appraisers under review or their work being is being rejected
3. Truth In Lending Act Higher-Priced Mortgage Loans Appraisal Rule, Effective January 18, 2014
For loans with interest rates above a certain threshold(s), Section 1026.35 in Regulation Z should be consulted. When you originate a higher-priced first-lien or subordinate –lien loan covered by the Higher-Priced Mortgage Loan (“HPML”) Appraisal Rule, details in presentation.
Below you will find the PDF for the Understanding New Appraisal Regulation in 2014 webinar, broadcast on January 22, 2014 and on February 3rd, 2014.