Interview with Robert T. Murphy of Fannie Mae

Monday, February 24, 2014

The Appraisal Buzz recently had a chance to speak with Robert T. Murphy of Fannie Mae and ask him a few questions. He is the Director of Property Valuation & Eligibility at Fannie Mae and an influential leader in the appraisal industry. We wanted to speak to him about their recently released Lender Letter and find out how it affects appraisers. Below are some of his responses.

Buzz: Bob, what is the goal of Appraiser Quality Monitoring? Isn't this a huge departure from Fannie Mae's historical policy on appraiser selection?

Bob Murphy: The goal of Appraiser Quality Monitoring (AQM) is to make sure that the loans we buy meet our underwriting and eligibility standards, which includes making sure the collateral backing the loans is appropriately valued through a quality appraisal. We want to make sure that we have accurate data about the property, that a thorough market analysis was performed, and that the appraiser selected appropriate comparable properties and made appropriate adjustments.

Fannie Mae holds the lender who sells us the loan responsible for the qualifications and quality of work for the appraisers they select. The Selling Guide provides requirements and guidance to lenders regarding appraiser selection. So with respect to "appraiser selection", there is no departure from our existing requirements.

Buzz: I think Fannie Mae's Appraisal Selection Criteria has been strong but this takes it to a whole new level. Finally, appraisers are being held accountable for the quality of their appraisal reports. I presume this has everything to do with having access to appraisal data in UCDP (Uniform Collateral Data Portal), yes?

Bob Murphy: In order to make sure the housing market is stronger and more sustainable, we worked with Freddie Mac, and our regulator FHFA to develop and implement the Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP) as part of the overall Uniform Mortgage Data Program (UMDP). As you know, the UAD provides uniform data fields in several of our appraisal report forms while the UCDP allows for appraisals to be submitted electronically. Implementation of this technology has allowed Fannie Mae the ability to identify appraisal data issues which require further analysis to make sure appraisals meet our standards and gives us greater ability to monitor ongoing trends in the market.

Buzz: What type of infractions are you seeing that prompts Fannie Mae to initiate a letter to an appraiser and what is the intent of the letter?

Bob Murphy: Fannie Mae will provide information directly to appraisers whose appraisal reports exhibit a pattern of minor inconsistencies, inaccuracies, or data anomalies. I have addressed these issues at several CRN meetings and Valuation Expo Conferences, infractions include "self-discrepancies", in other words how often an appraiser disagrees with him or herself over time and across transactions. For example, our systems notice if the appraiser changes the condition and/or quality ratings for a specific transaction in subsequent appraisals.

The intent and expectation of communicating these issues directly to appraisers is for training and educational purposes, and to provide them with an opportunity to improve their work. Future appraisal reports from those appraisers will be monitored to assess improvement.

Fannie Mae also has developed a process to identify appraisers whose appraisal reports exhibit egregious issues. In those cases, Fannie Mae will contact the appraiser and the lender that delivered the loan(s) informing them that either 100% of the loans submitted with appraisals from the identified appraiser will be reviewed by Fannie Mae in the post-purchase file review process or Fannie Mae will no longer accept loans with appraisals completed by the specific appraiser.

Buzz: What sort of rebuttal process does the appraiser have?

Bob Murphy: The appraiser can submit written responses to Fannie Mae, and is advised of how to do so in the communications they receive from Fannie Mae.

Buzz: Will lenders and Appraisal Management Companies be provided access to Fannie Mae's list of appraisers requiring 100% review?

Bob Murphy: Approved sellers/servicers have access to the AQM list identifying appraisers whose appraisals will be subject to 100% review or whose appraisals are no longer accepted by Fannie Mae. Lenders may inform service providers with whom they have a business relationship, including AMCs, of appraisers on the list. However, seller/servicers may not distribute the actual AQM list.

Buzz: Bob, thanks for taking the time to answer some of these questions for us and our subscribers.

Bob Murphy: It was my pleasure.

Have any comments or would you like to submit content of your own? Email comments@appraisalbuzz.com.

Comments

As an appraiser who has worked at Fannie Mae and who has been an independent appraiser for many years, I see a few problems here that everyone is overlooking. First let me say I know Bob Murphy from several telephone calls where I was looking for guidance. He was always very helpful and always got me the answers to my questions. Fannie Mae is a great company to work for as well. Now then, the main problem is that appraisers are being required to have more and more education, produce better and better appraisal reports and to keep doing it faster and faster and even faster still!!!, not to mention all of the continuing education The never ending list of pressure on an appraiser goes on and on and on and yes on. Appraiser are forced to try and meet all of theses demands to make a living. The problem is AMC's which is nearly 100% of our business these days wants the report yesterday and wants to pay les and less for it. But then the AMC put on this false top hat of quality like they use only the best most qualified appraisers and send the best reports. Not True. They call around and find the lowest bidder. Something has to give. Lets face it if you are unlucky to wind up on Fannies list of appraisals that need to be reviewed and added to this secret list, YOUR DONE!!! So the solution is to: 1st Pay appraisers more per job. The fee for a 1004 standard appraisal has been around $350 for the last fifteen (15) years. Our appraisal soft cost have gone up, MLS subscriptions have gone up, the amount of work involved with completing an appraisal has gone with the invention of the 1004MC and not to mention E&O insurance and license and containing education fees. ($$$$) Better reports means more time to prepare it, which means let number of jobs that we are able to do per week and which mean the more pay we need per job. Try and ask a Plumber, or an Electrician or a Doctor, or a Mechanic or a Truck driver, or a School Teacher, or just about any other profession to do more and more in less time, for half the fees that have been the same for 15 years and see what happens. Let face it if quality is really what the market is after and I agree with that; then there has to be a change in the basic fundamental of the driving force behind the labor of even being an appraiser. No one wakes up one day and says (I think I will go to work for free) even though the work that I am doing cost more to do and requires more from me. Fix this and the quality of reports will greatly improve. I for one know I have lost several clients because I can't turn appraisals around in 48 hours, especially when I have to try and do twice as many every months to keeps the lights on!!! Secondly, This AQM should not be secret, If it affects an appraiser then that appraiser has a right to know if he/she is on it and it should have to go through a formal hearing before an appraiser can be placed on it. I mean what ever happen to being innocent before guilty. There could be a dozen reasons why inconsistences could appear to present I.e. comp 1 used 5 years ago had 3 bedrooms and 1 full bath; however recently renovated reused as a comp and now it has 2 full baths and the condition has changed. What about GLA being added, the list could go on and on. Fannie's needs to ask question first and shoot 2nd. After all isn't this the American way?

NOt a great interview. Absolutely no new information was provided! Can't believe you didn't ask about Fannie and Freddie using our information and data to build their own database and AVM. Can't you see this is where they are heading with taking our "universal" data for their own private use? Next time ask how they can take our work for their own use without compensation and not disclosing their intentions to the appraiser. In every other industry, this would be a huge Anti-Trust Law Suit!! Bye-bye appraisal industry!

Your commentary jimmany reminds me of those who say ObamaCare is just the prerequisite of single payer care which most Americans would not buy into as I don't think the majority of Americans are socialists.

One of the main problems in the AMC industry is that is not a legitimate business open to competition and fair practice. Without the fees being disclosed on the HUD-1 a consumer does not know what the AMC charges or what the appraiser gets from the overall charge. This limits competition in the AMC business and also limits the exposure of the fee given to appraiser for an appraisal. If you were involved in a lending transaction wouldn't you want to know what the appraiser received to kill your deal. Is the AMC paying a reasonable price(customary) for the appraisal? I talked with an AMC last week that pays only $200 for any appraisal job they have in California. It takes 6-8 hours to complete(order in to portal out) most all lender 1004 form appraisals competently. We have a license and professional practices. Make your own comparisons. Would the consumer/agent be upset if they knew that the appraiser only got $200 and the AMC received $500+.

Louisiana has placed into practice standard fees in their state of $400+ for a 1004/with MC. Some states have also mandated the separate fee disclosure on the HUD-1. The other states should do the same. If an agent/consumer can't pick the appraiser they should be able to pick the AMC that fits them best.

The last problem with the lack of disclosure is that consumers do not know they are paying an AMC and believe that the whole amount noted on the HUD-1 goes to an appraiser. If they are separated they can be noted as higher reasonable fees that match the service provided for each service. The lobbyist for the big banks/AMC have recently been able to establish that this disclosure is "OPTIONAL" under Federal law. We need to tackle our state legislatures to get this done in each state. Fair and Honest business practices for all, not just us. Better fees make better appraisals. Good luck out there.

I notice how the ALPHA (Appraisal PHraud Analytics) system was completely ignored in this interview. This system even has FNMA employees upset. It has a computer review all of our appraisals and grade us on about 11 different categories from 1=good, to 5=bad. This is really screwing up appraisers that do difficult assignments. If you do a golf course home, you will get a low rating if you use more distant golf course lots instead of more proximate sales that do not back a golf course. That is why HUMANS do appraisals, and why Zillow and any other computer programs will always fail at doing appraisals. They have been trying to use AVM's for decades and they fail. You need an objective human to do the appraisal. What FNMA does with the failed appraisals is assign a reviewer to tell the computer if it was correct or if it was in error. They have taken all of this data and are now creating ALPHA 2.

Here is a little secret for FNMA, the entire purpose of an appraisal is to determine market value based on what a typical buyer would pay for the property. Here is a little newsflash . . . COMPUTERS DO NOT BUY HOUSES! By trying to take out the human elements, you are destroying the appraisal process. Good thing most of us are getting ready to retire, because this business is getting too insane.

As a reviewer @ Fannie, I agree, Appraisers/Humans do appraisals and Not Computers. We are required to use this system. Every report I reviewed is completed and reviewed with the data and tools I am "Allowed" to use, which by the way is very limited. “ALPHA” as we know it compiles the data from the appraisals uploaded into the UCDP and aggregates it down to minute statistics. This includes (site size, GLA, Bd, Bth, bsmt, bstm fin, view, Q & C and location), when an appraiser has appraised one property more than once and has provided different information on that property, this brings up data that has to be addressed by the reviewer and thereby flags the Appraiser. Also as the reviewer for any of the reports the Alpha system requires me to answer questions , some of which are of no consequence to the report, ie: ”The view adjustment appears to be low”. And as the reviewer “I have no idea if it is low, high or what have you, I am Not the expert in the area, I agree there. Alpha PHraud Analytics would seem as they want to take over our job as reviewers! I try to provide feedback in their system on a lot of the questions it asks, as well as the, (Quote if I may, “The model adjustments are different than the appraiser adjustments”. I ways write, “What, Alphas adjustments are not based on an expert in the field with appraisal knowledge and based on the market’s reaction to those individual adjustments”.) We don’t like it either, but I have to keep my job! , but I do try to tell them when it is wrong!

Many thanks for the Buzz Staff for its recent interview with Mr. Murphy because it helps the appraiser better understand the expectations of FNMA and the consequences for lack of due diligence in completing FNMA appraisals compliant with UAD and UCDP. Many appraisers may be delighted in the more standardization of data input with UAD and UCDP but I see this standardization as a dumbing down of the appraisal process. For one example, sometimes an appraiser comes across a subject property or comparable that does not fit the precisely if one Quality or Condition group and it may sit half way between one group and another. Because there is no scaling between the groups like a 2.3, 2.5, or a 2.75, the appraiser has to list a 2.3 in the 2 classification and a 2.75 in a 3 classification and where does he throw the 2.5’er. Sometimes an adjustment is warranted for a slightly superior or inferior quality of construction or condition but the new format does not allow for these “tweeners”.

Appraising real estate in the past was once described as “part art and part science”; UAD, UCDP, and the use of regression analyses, turn the appraisal process into a completely scientific analysis. This may seem to eliminate any bias in the valuation process which is a good thing but, it also eliminates the intangibles in the marketplace that effect value. For example: under condition rating two houses could be exactly alike in their condition but one house has a neutral color scheme and another has a color scheme that is unappealing to the typical buyer. Should the appraiser make this adjustment if the market supports the adjustment or, should the appraiser view it as subjective and not make an adjustment to comply with the form format even though the adjustment may be warranted?

I, like many other older appraisers, was trained to identify all factors that have an effect on market value and then make the appropriate adjustments when warranted. It’s not like regression analysis is a new and better valuation process; regression analysis has been around a very long time but, was has not been used in the past because of it’s limitations. It takes the art out of the process and in many cases it is a critical part of the equation in the valuation process and only seasoned appraisers can appreciate this fact.

The bottom line is, for the most part, the appraiser and the appraisal process of the recent past had a very small if any significant impact on the mortgage market crash/bubble burst of 2007-08. The secondary market and those who are responsible for regulating it are the main culprits. If it were not for the Federal Reserve dropping the discount rates which dramatically lowered interest rates, home values would not have escalated exponentially outpacing the COLI. In addition, the double whammy was when Congress encouraged the mortgage industry to loosen lending guidelines and lenders complied by making no doc and no income verification loans that were classified as Sub-Prime loans. The real kicker was when these Sub-Prime loans were pooled with Prime loans corrupting the whole lot of loans sold as securities. It was just a matter of time before the bubble would burst. It was not unlike adding yeast to bread dough and letting it rise until it bursts. Except in this case, the burst leaves egg on the appraiser’s face and not those who rolled the dough and still are rolling the dough. It’s just another example of government shifting the blame to the appraisal industry to cover their own ineptness and/or shenanigans Let’s ALL wake up and smell the coffee before the next crash occurs and quit blaming the appraiser and the appraisal process; they were not and are not the root of the mortgage market fiasco. And for those who doubt my analysis, according to the Financial Crimes Enforcement Network 61 % of all financial crimes reported in 2010 were committed by buyers (52%) and lenders (9%) and those committed by appraisers were 6%; therefore, it is more than 10 times as likely for a buyer or lender to commit loan fraud as it is for an appraiser to commit a fraud. Why are they not 10 times more likely to be hammered by industry regulators than are the appraisers?
Best Regards,
Jim Woodring

Nice interview. Fannie Mae, the government-backed home loan insurance company, has achieved a landmark. After receiving enormous amounts in taxpayer funds to stay afloat, Fannie Mae has posted a substantial profit and promises to not take one more dime in federal resources. Fannie Mae maintains an internal procurement system, ProcureOne by Fannie Mae that is used for a variety of purposes, including identifying potential suppliers and registering new suppliers.

I find this post very interesting. Freddie Mac and Fannie Mae, the government-backed mortgage insurance and brokerage companies, have been in huge financial trouble for many years. Both have received billions in taxpayer-funded loans. However, Fannie has posted its first profit since 2008 and declined any federal loans for the time being. It is very important that we have savings in these hard times.

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