Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation4

Appraiser News, Conference Coverage

A conversation with Fannie Mae’s Keisha Wilkinson

Email A Friend Printer Friendly Version
0 comments
Appraiser News, Conference Coverage
Wednesday, June 15, 2022
Exclusive

At the 2022 National Association of Appraisers Conference and Trade Show, Fannie Mae Single Family Marketing Lead Associate Keisha Wilkinson said appraisals are the foundation of how Fannie Mae manages collateral risk.

“Appraisals are used to help determine the loan-to-value ratio (LTV), which is a fundamental driver of our business and is used throughout the lifecycle of a loan,” Wilkinson told Valuation Review and conference attendees. “LTV is used in determining loan eligibility, loan pricing, mortgage insurance, credit risk transfers, loss prevention, and loss mitigation.”

 Wilkinson also discussed the large number of appraisers are nearing retirement, and the industry’s need to attract new folks into the profession. Wilkinson elaborated on the specific steps Fannie Mae takes to support a range of diverse talent choosing appraising as a career.

“First and foremost, we value experienced appraisers.  But we also recognize that it’s important to continue to add new appraisers to the rolls – whether they are just starting a career or embracing a second career,” she said. “In 2018, Fannie Mae partnered with the National Urban League to create what is now known as the Appraiser Diversity Initiative (ADI). Since its inception, ADI has awarded more than 250 scholarships for initial appraiser education to prospective new appraiser trainees, with 16 ADI participants currently working as appraiser trainees.

“With the added support of core partners, the Appraisal Institute and Freddie Mac, as well as a number of industry sponsors, ADI has grown to provide scholarship winners additional benefits such as books, calculators, advisor assistance, conference reimbursement, and job placement assistance upon completion of the program,” Wilkinson added. “Fannie Mae allows appraiser trainees to perform the entire appraisal report if they are qualified to do so (See Selling Guide B4-1.1-03, Appraiser Selection Criteria, Appraiser Trainees for more details). We encourage lenders and appraisers to welcome the next generation of appraisers.”

Wilkinson also sees the new technology that’s been implemented due to COVID restrictions as a door of opportunity for new appraisers to walk through noting that innovation in inspection technologies was well underway prior to COVID-19. The pandemic created a greater sense of urgency and increased demand for such tools, she told us, which further stimulated investment and development.

It also provided a set of real-world mortgage lending results as proof of concept, which has helped risk investors and regulators become more comfortable with these kinds of innovations, she suggested.

“There are so many new technologies that can be used to provide appraisers the information they need without having to physically visit the property,” Wilkinson said. “Numerous companies are advancing this technology to include floor to ceiling scanning, machine learning, virtual tours, GLA/floor plan, and HD photos. Leveraging this technology can allow appraisers to focus on the analytics of the appraisal, where their expertise is needed, instead of spending hours driving and gathering data.”

As to whether the Fannie Mae associate thinks these opportunities will entice potential new trainees to take a good look at the profession, as well as seeing veteran appraisers demonstrating an “improved” attitude regarding working with trainees, Wilkinson said it is encouraging for new entrants to the profession to have the opportunity to choose the way they work as an appraiser.

In a profession where an opinion of value is formed after careful consideration of data, it is empowering to have so much more data available at our fingertips than even a few years ago.

“I know of several veteran appraisers who have worked with trainees their entire careers and continue to benefit from working with them,” Wilkinson said. “We encourage appraisers to reach out to other supervisor appraisers to discover how they benefit from working with trainees. As I mentioned earlier, for many years, Fannie Mae has allowed appraiser trainees to perform the entire appraisal report if they are qualified to do so. We can actually see how trainees measure up against non-trainees looking at appraisal risk scores as determined by Collateral Underwriter (CU).

“Overall, we’ve found that both groups have findings that are remarkably similar, with trainees performing less than one percentage point better than non-trainees. This shows us that trainees are contributing quality appraisals,” she added. “Anecdotally, we’ve heard in conversations with appraisers and supervisors that trainees can bring insight and different skill sets to their supervisor’s appraisal firm. That may be a new organizational method, technology familiarity, or a new specialization for the firm. We continue to encourage properly trained new entrants to strengthen the profession in all these ways.”

Wilkinson also detailed for the audience how CU is recognized as a review tool where it allows lenders to segment appraisals by risk profile, facilitating efficient workflow management and resource allocation.

CU also helps lenders reduce time spent on appraisal review, leading to fewer, but better-informed, requests to appraisers, she said.

“Appraisal feedback at the point of submission enables lenders to proactively address potential issues and improve the overall quality of loans delivered to Fannie Mae,” Wilkinson said. “The risk analysis performed by CU is for use by the lender in that lender’s analysis of the appraisal report; information may be shared with the appraisers in proper context upon completion of the lender’s due diligence review.”

Today's other top stories
Can tiny homes solve homeowner dilemmas?
Partnership to enhance homebuyer fraud protection
Zillow presents updates to conforming loan limits, jumbo loans
Fannie Mae reports home price deceleration in Q4
Pandemic homebuying boosted by financial benefits


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 1847 times.
A Twitter List by ValuationReview

Print Edition - January 23, 2023

News by Topic   Special Reports   Events   Subscribe
Conference Coverage
Appraiser News
Commercial Corner
Legal News
Market Watch
Technology Corner
 
 
2023 State of the Industry
2022 Appraisal Technology
Voice of the Appraiser
Finding and Training the Next Generation
Appraising in a New Environment
Green Appraisals
Archives
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
 
Subscriptions
Free Email Updates
Try a Free Edition
News by Edition   About   Other Publications    
November 28, 2022
December 12, 2022
January 9, 2023
January 23, 2023
Archives
 
Valuation Review
Contact / Editors
Social Media
Advertise
Are You An Expert?
Subscriber Agreement
 
Dodd Frank Update
RESPA News
The Title Report
The Legal Description
   
Copyright © 2002-2023 Valuation Review
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.valuationreview.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Dodd Frank Update
> RESPA News
> The Title Report
> The Legal Description
> The October Store
Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
EVENTS
RESOURCES
FREE EMAIL UPDATES
ABOUT
SUBSCRIBE
Conference Coverage
Appraiser News
Commercial Corner
Legal News
Market Watch
Technology Corner
Sponsored Content
Current Edition
January 9, 2023
December 12, 2022
November 28, 2022
November 14, 2022
Archives
2023 State of the Industry
2022 Voice of the Appraiser
Appraisal Technology
Real Estate Compliance Outlook
Best Practices
Finding & Training the Next Gen
Archives
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
2023 Economic Forecast Series
Compliance Series
Manufactured Housing
Appraising Office Space Today
CFPB Unconstitutionally funded?
Eminent Domain
Move to ANSI Standards
Keys For Operational Efficiency
New DEI Regulations
Drones Do's and Don'ts
How to be an Expert Witness
Webinar Archives
Executive Interview Series
Social Media
Valuation Review
Contact Us
Advertise
Are You An Expert
Subscriber Agreement