10 questions Fannie Mae just has not answered? There are probably more than 10, but this podcast covers only 10 of them. Maybe we appraisers have not asked the proper questions? Maybe Fannie Mae does not trust enough to give us the answers. But the point is, we appraisers have questions. Fannie Mae has answers. But she has not gone out of her way to provide them to us. So, Tim Andersen, the appraiser’s advocate raises some of them here. This is to give the good folks at Fannie Mae a good goosing – just to get them started.

10 questions Fannie Mae does not answer for for us? How about “How are we supposed to provide a floorplan when we don’t put boots in the living room?”. Technology helps us answer this question, true. But the fact is, we had to ask it. And, Fannie Mae still has not answered it (as of this podcast). Again, that technology exists, but which technology? Even some of the AMCs are on this bandwagon. Those AMCs ask us to use their software, their apps. Does that put them “in charge” of the appraisal and its reporting? USPAP makes it clear those are our responsibilities. But USPAP does not govern or constrain lenders and their helots, the AMCs.

These 10 questions Fannie Mae does not answer extend to neighborhood analysis, too. From experience, it’s likely the appraiser is already familiar with the neighborhood. But what happens when the appraiser receives an assignment in a recently-constructed subdivision? Will staying at a desk help the appraiser who is expanding into new geographical areas? How will the appraiser come to know the nuances of that new town or county?

10 questions Fannie Mae does not answer include the Selling Guide. Right now, it assumes the appraiser inspects the subject’s neighborhood. How will that be possible if the appraiser stays in the office? OK, the appraiser can get in the car and visit the new neighborhood, true. But, isn’t the purpose of a desktop appraisal to cut the time they appraiser spends outside of analyses? So, if appraisers are out inspecting neighborhoods, they are complying with Fannie Mae’s current requirements. But they are not at their desk analyzing. That’s not complying with her requirements. Therefore, is Fannie Mae going to change the Selling Guide so it is internally consistent with her adoption of desktop appraisals? When?

So many questions. 10 questions Fannie Mae just has not answered include so many more, too. Let’s hope she chooses to heed our call and then answer our questions. Thanks for listening!