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Obtaining a Property Valuation
The servicer must get a home valuation according to identifying the Fannie Mae Flex alteration conditions in D2-3.2-07, Federal National Mortgage Association Flex Modification.
The servicer must acquire a house valuation, which should not be a lot more than ninety days outdated during the time the servicer assesses the debtor when it comes down to home mortgage alteration, using one of the after:
an outside BPO;
Federal national mortgage association’s APS;
Freddie Mac’s AVM;
a 3rd party AVM; or
the servicer’s own inner AVM, provided
the servicer are subject to supervision by a federal regulating institution, and
different servicer’s major national regulatory service have assessed the unit.
If Federal National Mortgage Association’s APS, Freddie Mac computer’s AVM, the 3rd party AVM, or the servicer’s inner AVM will not make a dependable esteem score, the servicer must receive an assessment of this home value using an outside BPO, an assessment, or a property valuation method documented as acceptable with the servicer’s federal regulatory supervisor. The house or property importance evaluation needs to be made according to the FDIC’s Interagency Appraisal and Evaluation instructions regardless of whether such rules apply to home mortgage alterations.
