Appraisers and real estate agents are anxiously eyeing Jan. 26, the day Fannie Mae rolls out its “dreaded” Collateral Underwriter system, an automated risk assessment of appraisals that returns a risk score, flags and messages to the submitting lender. Reports that CU will drive up appraisal costs and slow closings are spreading fear among appraisers and real estate agents despite Fannie’s assurances to the contrary. With CU, lenders can return and challenge appraisals and demand changes to avoid any potential repurchase demand, according to a Connecticut-based residential mortgage specialist, who requested anonymity. “CU will provide up to 20 comparables, and appraisers will have to defend the comps that they use,” she explained. “You’re looking at adding a week or two ...