Fannie Mae launched a website Jan. 6 focused on its new Appraiser Quality Monitoring process, which evaluates appraisals for data accuracy and consistency. The site gives lenders access to a list of appraisers whose reports will be subject to 100 percent review or no longer accepted by Fannie.
Sellers and servicers approved by the government-sponsored enterprise can access the review list of appraisers through the website’s Technology Manager. The list is protected content and will be updated monthly.
In a Dec. 10 letter to lenders, Fannie reported that its weekly review of appraisals submitted through the Uniform Collateral Data Portal identified instances where lenders had delivered loans supported by appraisals that were completed by an appraiser whose license or certification had been suspended or revoked. The review list identifies appraisers with licensing or certification issues.
All loans delivered to the GSE that include an appraisal completed by an appraiser on the review list will be selected for a post-acquisition quality control review. Affected lenders will need to confirm the validity of the appraiser licensing information and ensure compliance with Fannie’s policies described in the Selling Guide, B4-1.1-03, Appraiser Selection. Failure to comply with appraiser licensing requirements will result in a repurchase request.
The GSE noted on its website that if there are patterns of egregious issues with an appraiser’s work, there is a high probability that loans delivered to Fannie with appraisals by that appraiser will be selected for additional review even if the appraiser has not been included on the review list. Lenders should not consider placement of an appraiser on the review list as the only trigger for further review of loans with appraisal concerns.
Fannie will offer a formal rebuttal process for appraisers whose work has been identified on the review list and who wish to dispute their listing. Appraisers who are sent letters for reports that exhibit a pattern of minor inconsistencies, inaccuracies or data anomalies will not have a formal rebuttal process because the letter is intended for instructional purposes to provide them with an opportunity to improve their work; appraisers can, however, respond to the letter.
Visit the new AQM website.