Under Fannie Mae's Selling Guide, a hybrid appraisal's property data collection was performed by a real estate agent rather than the appraiser. When must the lender share the property data collection with the appraiser?
Correct Answer
C) At the time the lender engages the appraiser for the assignment
When the appraiser did not perform the data collection, Fannie Mae requires the lender to share the property data collection with the appraiser at the time of engagement. The appraiser relies on that data, with other sources if needed, to identify property characteristics including condition, so it cannot wait for a draft value, a request, or the lender's later review.
Why This Is the Correct Answer
Option C is correct because the Selling Guide requires the lender to share the property data collection with the appraiser at the time of engagement when the appraiser did not collect the data. The appraiser relies on that data to identify the subject's characteristics, including condition.
Why the Other Options Are Wrong
Option A: After the appraiser submits a draft value, so the data can serve as a check
Option A is wrong because a hybrid appraiser relies on the data collection to develop the appraisal, not to check a value already reached. Providing it after a draft value conflicts with the requirement to share it at engagement.
Option B: When the appraiser asks for it, since other sources may be enough
Option B is wrong because sharing is a lender requirement at engagement, not something triggered by an appraiser request. Other sources supplement the data collection; they do not replace it.
Option D: During the lender's appraisal review, before delivery to Fannie Mae
Option D is wrong because the lender's appraisal review happens after the appraisal is completed. The data collection has to reach the appraiser at engagement so it can be used in developing the appraisal.
Data arrives with the engagement
Picture the property data collection stapled to the engagement letter: the appraiser gets both at the same time.
How to use: Use this to answer timing questions about when a hybrid appraiser receives the third-party data.
Exam Tip
If an answer has the appraiser receiving the property data after forming a value, it reverses the order the hybrid process requires.
Common Mistakes to Avoid
- -Thinking the appraiser can develop the hybrid appraisal before receiving the property data
- -Treating the property data collection as optional when other sources exist
- -Confusing the lender's later appraisal review with the hand-off of data to the appraiser
Concept Deep Dive
Analysis
This question tests the timing of the hand-off from the property data collector to the appraiser in a hybrid assignment. Because the data collection is the appraiser's main source for the subject's characteristics, the rule places the hand-off at the start of the appraisal assignment.
Background Knowledge
In a hybrid appraisal, the property data collection and the appraisal are separate assignments. The lender coordinates them by obtaining the data collection, submitting it to the Fannie Mae Property Data API and providing it to the appraiser.
Real-World Application
An insurance inspector completes an interior and exterior data collection on a townhouse. When the lender engages the appraiser the next day, the engagement package includes the data collection so the appraiser can begin analysis.
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