Tip of the Week – Renewed Urgency for Data Accuracy
Starting today (Jan. 26), Fannie Mae is making its new Collateral Underwriter program available to lenders. This automated model flags potential errors in an appraisal and scores it for the overall risk of inaccuracy. Depending on the results, lenders may slow down the loan approval process or deny the loan altogether. This has significant potential consequences for all parties involved in the home buying process, especially your clients.
So What Can You Do? More than ever, the accuracy of the listing data you input into NorthstarMLS affects the success of the appraisal and loan processes. You’ll be helping yourself, your seller/buyer, appraisers and everyone else using the NorthstarMLS system by ensuring each listing is as accurate, complete and up-to-date as possible. Ensuring the most accurate and clean data for our customers is challenging and an ongoing process. If everyone using the MLS takes the responsibility to ensure their listings are as accurate as possible, everyone benefits. Remember: We’re all in this together!
Take a Look at Data Accuracy Content We’ve Provided in the Past Few Years
- Basics of Measuring Webinar Video – Zoe Liston, an appraiser, agent and member of our Agent Advisory Committee, will lead you through the nuances of measuring square footage and cover frequently asked measuring questions.
- Measuring a Single Family Home – To help demonstrate how to measure a single family home, we went out on site to watch Zoe as she explains the measuring process to collect the total square footage of a listed property.
- Measuring a 4-Level Split – To better understand the challenges of accurately measuring a 4-level split property, we went out on site to watch Zoe measure one.
- Data Accuracy Q&A — Click here to view user submitted questions that were submitted during the webinar with Zoe.
- Check out our data accuracy handout, rules quick guide and square footage measuring examples (below), which were discussed in the webinar.
- Measuring Example 1, Measuring Example 2, Measuring Example 3, Measuring Example 4 and Measuring Example 5.
- Real Estate Rush Hour: Measuring Up – In this edition of Real Estate Rush Hour, Sheriff Polaris and Deputy Flicker demonstrate the proper way to measure a room.