Fannie Mae/Appraiser Quality Management Interview
WRE: How many review appraisers are on staff to evaluate appraisals flagged by the automated system? Are they licensed in the states where the properties are located? Do they have local competency? You mention “review panels,” does this mean a panel reviews and reaches consensus on each anomaly before a letter is sent or action taken or does that responsibility rest with one reviewer only?
FNME: The reviewers we have on staff are all experienced appraisers and their expertise is but one part of the AQM process.
WRE: Assuming an appraiser knows/is following Fannie Mae’s requirements and except for “changing property characteristics multiple times,” and appraising with an expired license, is there anything more specific you can offer to help appraisers proactively avoid becoming embroiled in this process?
FNME: If an appraiser is following Fannie Mae’s requirements, then no issues should exist that require attention.
WRE: You mention that a management committee will decide what actions to take when an appraiser appeals their placement on Fannie’s 100% review list. Who is on the committee? Are they all licensed appraisers?
FNME: The management committee does include appraisers.
WRE: You mention that Fannie Mae will consider removing appraisers from a 100% review list or the do not use list, if they demonstrate improved quality. Demonstrate to whom? Is there a separate review panel for this? How many appraisers will be working on this? What kind of a backlog do you anticipate, knowing an appraiser is likely out of work until their case is reviewed?
FNME: Fannie Mae will review an appraiser’s work for improved quality. Appraisers are part of this review process.
WRE: Approximately how many appraisers are currently on Fannie’s 100% review and do-not-use list?
FNME: The purpose of AQM is to educate the appraisal community and improve the quality of appraisals. We don’t disclose how many appraisers are on the list. Only our lending partners have access to the list.