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Two-Part Webinar: Identifying & Correcting Persistent Appraisal Failures: Quality, Condition & CU
(How to Get it Right the First Time)
“I enjoyed this webinar and speaker very much. I plan to listen to the next 3 webinars as they are available. Richard Hagar is an excellent speaker. Well worth the expense, I wish I could get the rest of my appraisers to invest the time. Good Job.” – Bob, SRA
This webinar was very good and provided the best explanation of the Q & C ratings that I have seen so far. – Jason Fischman, ASA, IFA
Presented by: Richard Hagar, SRA
CU Version 3.0 is coming this September, promising “improvements” and enhancements that will undoubtedly affect how appraisers interact with their lender and AMC clients going forward.
CU Version 3.0 will change the availability of appraisal data, risk score, flags, and messages in the CU web application and will provide feedback to lenders within 10 minutes of appraisal submission to Fannie Mae through the Uniform Collateral Data Portal® (UCDP®). The new CU will also include new warning messages for potentially erroneous adjustments for GLA, Condition, Quality, View, and Location.
With Fannie Mae providing feedback almost immediately after an appraisal is submitted, it’s now more important than ever for appraisers to understand the most common appraiser warnings and failures so they can avoid the headaches that come with being flagged by CU.
In this webinar, Hagar shows how to navigate the new CU update and how to avoid problems in the most common areas, including:
- Relative comparison vs. Fixed Definitions
- Condition vs. Updates
- Quality vs. Updates
- Actual Age vs. Effective Age
- Location Adjustments vs. Site Adjustments
- Support for Adjustments
- Use of MLS Photographs
- Comparables vs Sales
This Webinar untangles the rules, shows how the system operates, what is reported to lenders and what it takes to stay out of trouble as an appraiser.
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Part 2: Understanding Quality and Condition Ratings
Just what is a C3? Or is it a C4? New rules make these answers much more specific and more clear cut than before. Let an expert show you the guidelines to end the guesswork.
Quality and Condition ratings are a common reason that appraisals are flagged or failed by Fannie’s latest CU system. Fannie Mae is also ramping up AQM which means increasing numbers of warning letters are being sent to appraisers for incorrectly or inconsistently applying Quality and Condition (Q&C) ratings across their appraisal reports.
Reviews indicate that appraisers are failing to consistently apply the right Quality Rating to subjects and comparables. As a result appraisers are subject to “gray” or “blacklisting” by Fannie Mae’s new AQM system. State boards are also beginning to file complaints against appraisers alleging incorrect Q&C ratings, making it more important than ever for appraisers to have a clear understanding of how to determine and apply Q&C ratings.
Richard Hagar shows appraisers how to navigate Fannie’s Q&C rating system with numerous, specific examples for each rating. A picture is worth a thousand words!
Two Part Webinar
OREP Member/ WRE Subscribers: Click Here for a Discount ($69)
*Webinars will be recorded. Review the course later at you own convenience, in its entirety, if you have a scheduling conflict and can’t make the live version or if you want to view it again.
**Disclaimer: Webinar is not approved for CE.
***Full money back guarantee if you are not completely satisfied.