In today's mortgage market, the success of your organization requires that you be grounded in the foundation of strong and thoughtful underwriting. Given challenges current market conditions pose in connection with determining accurate property values, it is especially critical that appraisals support the value of the property.
This updated, interactive 2-hour webinar will include reviewing our requirements and guidelines in determining the acceptability of the appraisal report. This training will focus on our Seller/Servicer requirements for appraisals outlined in Guide Chapter 44, ensuring credible appraisals, the selection of comparable sales, and best practices for monitoring appraisal quality. We will also highlight tips to assist Seller/Servicers with underwriting and determining that the appraisal report is acceptable and the property is eligible for sale to Freddie Mac.
New additions to this training will also include review of the field-specific standardization requirements of the Uniform Appraisal Dataset (UAD). The UAD defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for a key subset of fields. Appraisals with an effective date on or after September 1, 2011, must be completed in compliance with the UAD for conventional mortgage loans sold to Freddie Mac.
Prerequisites:
This session is for Freddie Mac-approved Seller/Servicers ONLY, and not for the general public
Simultaneous access to the Internet (to receive the visual presentation) and a telephone (to receive audio)
Review and familiarity with the Field-Specific Standardization Requirements document that provides a list of standardized definitions and responses for a key subset of fields on the four UAD appraisal report forms
Course materials will be e-mailed to attendees prior to the start of the session
Objectives:
Gain a better understanding of how to underwrite the Uniform Residential Appraisal Report (Form 70) to determine if the report is acceptable and property is eligible for sale to Freddie Mac
Provide assistance in your review of appraisal reports for compliance and understanding of UAD data standards
Obtain reminders and best practices you can utilize when reviewing the appraisal report
Collateral Assessment with UAD