By: Valuation Review
A new announcement from Fannie Mae calls for all appraisal data to be submitted electronically beginning March 2010. Uh oh, there goes the paper trial!
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I know of one mortgage loan sold to FNMA by Wachovia(Wells Fargo) with only an online valuation, not an appraisal. That house recently failed to sell for 34% of the internet valuation. 95% of foreclosure sales fail to sell, and are then sold to banks including FNMA. Part of the story is that internet valuations were done instead of physical appraisals, part that on behalf of note “shareholders” FNMA holds out for the whole loan value, and part of the devaluation is a pendulum over-swing caused by market factoring in that FNMA eventually sells for less than they would have if they just let the first auction go to the highest bidder.
NACA seems to be getting FNMA to come down before the first failed sale, though, maybe just by collective bargaining.