This product is a recording of the Appraisal Institute webinar that was conducted on October 12, 2010.
- The interactive features of the webinar (e.g.
poll/survey questions and the final evaluation) are not available in the
- Appraisal Institute continuing education credit is not available for viewing the recording.
Understanding Repurchase Demands & Rebuttal Appraisals
Date: October 12, 2010
Duration: 2 hours
As of June 30, 2010, it is estimated that Fannie Mae and Freddie Mac possessed a combined total of $354.5 billion in troubled mortgages! Recently, both have exercised their right to return a considerable amount of these troubled mortgages to the original lenders. Appraisal discrepancies are one of the most prevalent reasons behind government-sponsored enterprises’ repurchase requests. Attend this timely webinar to understand the repurchase demand and rebuttal appraisal process from start to finish!
What You'll Learn
- How to formalize a review strategy that identifies the strengths and weaknesses of the origination appraisal
- How to perform retrospective and forensic reviews
- Red flags to determine if the origination appraisal was fraud, misrepresentation or just a bad appraisal report
- Who makes repurchase demands and why they are all happening now
- Where appraisers fit into the process and what are the important questions to ask
- The ways a repurchase demand can be rebutted, or alternatively, blocked from rebuttal
Dennis Scardilli, MAI, Esq., is one of the few people in the country who is a practicing attorney, an AQB-certified USPAP Instructor and an MAI. Law is his fourth career involving real estate, and he has previously been a Realtor-Associate/land developer/builder, a professional planner, and a fee appraiser or reviewer for 25 years (15 as an MAI). He has held real estate related positions at four levels of government, including Senior Multifamily Review Appraiser in HUD's Philadelphia Regional Office. He is admitted to practice law in NJ & PA and is also a Certified Tax Assessor, Professional Planner, State Certified General Real Estate Appraiser and a Civil Court R.1:40-1 Qualified Mediator in the State of New Jersey.
Thomas Munizzo, IFA, CAR, DAR, chief appraiser and compliance officer for IRR-Residential, is responsible for appraisal quality and compliance oversight for the organization. As a past National President for the National Association of Independent Fee Appraisers, he is an active FHA compliance inspector. In addition, Munizzo is a Certified General Appraiser who specializes in appraisal reviews, quality control procedures, FHA, REO, foreclosure and custom housing. He has also completed consulting assignments for major lenders nationwide, training corporate staff as to the role of the appraiser, appraisal review, FHA, appraisal department quality control and appraisal management strategy.