Recently, Julie Jones, Fannie Mae Credit Risk Analyst, presented a timely and informative webinar on appraisal quality, Collateral Underwriter®, recent policy updates and related topics. Jeremy Staudenmaier facilitated the real-time answers to appraiser’s questions. We were pleased to have approximately 300 appraisers participating with us.
Effective August 19, 2017, Fannie Mae responded to market changes by allowing Property Inspection Waiver (PIW) offers on certain purchase transactions to complement their existing PIW offer for refinance transactions introduced in 2016 as part of the company’s groundbreaking Day 1 Certainty™ initiative. As expected there were many questions about the new policy. Julie stated it is estimated that less than 5% of all purchase transactions will be issued a PIW with offer rates varying by lender and fluctuating over time. An acceptance rate of less than half of all offers is expected on purchase transactions, as many home buyers want an appraisal to support the price they pay for a home.
The webinar information can be viewed on the Valuation Management Group website, by CLICKING HERE. Should you have any questions email Vicky Thompson, Valuation Management Group, CEO and she will get a response from Julie or Jeremy and get back to you.
We are planning our next co-hosted webinar for February 2018. Watch for details.
Valuation Management Group is a national residential and commercial appraisal management services company that manages the appraisal process, including the appraisal review, for financial institutions, banks, mortgage bankers, and credit unions. VMG offers a full array of commercial and residential appraisal products and services. The company’s goal is to take the appraisal process from ordinary to extraordinary for its clients and appraisers.