Secondary Mortgage Market Guidelines & USPAP's Influence
Hours: 3.5 CE
The Secondary mortgage market (i.e. FNMA, FreddieMac, etc.) has identified some property and appraisal guidelines, which many residential appraisers feel compelled to comply. Many residential appraisers feel the pressure to succumb to the Secondary mortgage market's reporting guidelines so they can retain their client's business. On some occasions, the appraiser will not report neighborhood or property data factually (i.e. rural location, less than 25% built-up, fair or poor condition of building improvements, remaining economic life less than 30 years, etc.) due to possible repercussions (loss of appraisal business).
The Secondary mortgage market's guidelines will be reviewed, but more importantly they will be compared to USPAP. Ideas will be offered to the attendees that will allow them to likely keep their clients who sell their mortgages on the Secondary mortgage market and yet comply with USPAP in their appraisal reports.
This is a great seminar for appraisers, lenders, underwriters, etc.