Does the Property Support the Mortgage Transaction?
VRMC has designed a workshop for the lender reviewer that is critical for in-house operations. Based off Freddie Mac's guideline for responsible lending, our workshop will train the reviewer how to watch for properties located in a declining market, overvaluation of property value, inappropriate comparable sales adjustments, market value and concessions and appraisals for non traditional property types.
Our workshops are designed to provide practical application to the review product and is enhanced by our toll free support line. We have found, that when equipped with the right knowledge, staff become are more confident in the process and develop a team attitude.
While this workshop will be beneficial to anyone involved in the valuation process of a property, this portion of the workshop is particularly important to the lenders who sell loans to FNMA and their valuation departments, the AMC’s who contract with field appraisers on loans to be delivered to FNMA and/or investors, for review and retrospective appraisers who perform work directly or indirectly to FNMA of foreclosed or endangered performing loans.
After completing this workshop the participants will be able to recognize a product which may present with unresolved issues and viewed as misrepresented. The participants will know whether or not the level of misrepresentation may cause the value of the property to not be supported and most importantly, the participants will have the knowledge needed to correctly request revisions and/or explanation.