In January Fannie and Freddie, the same entities that brought you the UCDP, have plans to use that online portal to start "grading" appraisers. We don't need to tell you that this will be of significant importance to all appraisers.
The GSEs are planning on using data gathered through their UCDP to identify "problem appraisers" and either provide an opportunity to fix the problem, and possibly even exclude appraisers from performing work for the GSEs. As you can imagine, an appraiser placed on the Fannie/Freddie black list will have very limited work options from that point forward.
Examples for what they will be looking for:
- An appraiser turned in a report using a comp with 2300 SQFT that sold for $400k. In 10 other reports the appraiser reported 2100 SQFT with a sales price of $375k.
- Inconsistent C and Q ratings: Appraisers have been using the same comparable sales in multiple reports with differing C and Q ratings.
In short, they will be creating a list of appraisers who are inconsistent, or who have problems in general. This list should be available to everyone.
Stay tuned for more information about the GSE Black List as it is made available.
CLICK HERE to read the latest release about the upcoming fannie mae exclusionary list