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On January 26th, 2015 Fannie Mad and Freddie Mac are implementing a new appraisal system that will start using what is called Collateral Underwriting which can [provide up 20 additional comps.
They will be utilizing an algorithm that takes into consideration the lower the value then the lower the risk is determined with that comp. If it comes back with 3 or 4 “less risky” comps then the appraiser will have to justify his comps, thus creating more work for the appraiser. One potential problem is that the software does not break down the neighborhoods which can potentially add time to transactions. Aaron DeHart 775-379-5012
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New appraisal process for Fannie Mae and Freddie Mac | Aaron DeHart 775-379-5012
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