On January 26, 2015, Fannie Mae’s Collateral Underwriter (CU), an appraisal risk-assessment tool, became available to lenders. CU is a tool that lenders can use to assign a risk score to appraisals and identify aspects of the appraisal that may require further attention. The tool can provide the lender a list of additional comps for possible appraiser review. NAR is proactively working with Fannie Mae to address NAR member questions about how lenders are implementing CU and concerns about possible loan closing delays due to additional appraisal reviews. NAR’s Real Property Valuation Committee and Conventional Financing and Policy Committee are actively engaged in the policy discussion about CU and participated in a webinar with Fannie Mae on January 23rd. NAR asked Fannie to update its online FAQ to address appraiser questions, which is updated and posted on Fannie’s website. NAR is watching the roll-out of CU closely and has asked NAR members to give us feedback about how it is being used by lenders and the impact it is having on transactions. CU is a Fannie Mae product and not currently being offered by Freddie Mac.
Search Washington Report