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Fannie Mae's new tag line “To be America’s most valued housing partner” Oh come

1.0 of 5 stars

March 2015 | FORMER EMPLOYEE

Uppers

Salary good with some good benefits thrown in hear and there

Downers

Appraisal Review requires Hours worked for production, Collateral underwriter AKA: CU is a Glorified AVM developed by an appraiser in the DC/VA area that believes adjustments are derived basically on housing in his (neck of the woods) and within the program ** see magnifying glass near the subject GLA and site size adjustments which will show you the peer average adjustments and then the model or CU’s adjustments which on average range from 20-60% higher than the OA or the peers. Go figure.. Fannie Credit Policy is changing so fast you can hardly blink, one moment we were told to write a moderate defect for example, (Failure to adjust the comparable sales for GLA, parcel size, room count, sales or financing, etc.) Per Credit Policy; Do not cite a defect if analysis determines that the deficiency does not negatively impact the appraised value. But wait Credit Policy says if it does impact the value, was the MTC aka Minimum Collateral Threshold supported? So now you take the loan amount and divide that by the maximum allowable LTV and now we get a value much lower that is acceptable by Fanny standards. But if that home owner goes to sell, say in 6 months and says to the Realtor my house is worth this much $$$$ and the realtor says No, it’s worth this much $$$, the home owner is already underwater!

Advice to Candidates

Don't! Fannie laying off and heading to DC.
Looking in DC? OK because that’s all they , Tim Mayopoulos talks about, every day on the computer screen, look at our new digs, look what we are going to build, look at the plans. We are going to be something! Yeah you’re something alright. Your cutting jobs from REAL Appraisers and going to Automated software that you think will be the answer to the US housing market? You want to be Americas housing partner? You’re taking it down, not up with Integrity! Is what you’re doing