Appraisal Institute Controversy Part 2

[Joe Flacco]

One of the GSEs said a while back that that are getting about half of the total SFR loans (with appraisals) and that AMCs are doing 50-55% of those. So if AMCs are controlling 80% of the entire SFR market they only way that happens is if the non-GSE loans are engaging almost entirely via AMCs.

100 loans:

..50 going to the GSEs
-28/50 (55% of the 50%) coming in via the AMCs
..22/50 coming in AMC-free @ the GSEs

To get to 80/100

..80 AMC-engaged as claimed
-28 AMC-engaged @ GSEs
..52 unaccounted for. That 52 is ~equal or slightly more than the 50 loans that didn't go through the GSEs. That would imply that all or almost all the SFR loans that don't go to the GSEs are being engaged by AMCs.

60% of total appraisals sounds more in the ballpark than 80%. Maybe 80% of GSE appraisals go through AMC.

 

[George Hatch]

Regardless, it's a lot.

 

[Joe Flacco]

It is a lot. But appraisals not going through AMC are also a lot.

 

[Non Sequitur]

It is a lot. But appraisals not going through AMC are also a lot.

You keep saying that but haven't cited a source or posted anything other than "google says." In all honesty I don't know the % but would weigh the FHFA and REVAA more than a hunch.

 

[Joe Flacco]

You keep saying that but haven't cited a source or posted anything other than "google says." In all honesty I don't know the % but would weigh the FHFA and REVAA more than a hunch.

80% in UCDP would mean 80% of GSE appraisals. GSE's are only about 60% of total mortgage originations.

 

[CGinMN]

I don’t think anyone knows. I see reports that say Mercury Network as AMC. Also, there is a lot of non-agency work that gets submitted to UCDP. I would agree that non-agency work probably skews direct, but I just don’t think there’s good data on this. I think new forms will make it easier to study.

 

[Joe Flacco]

I would think the percentage of appraisal reports submitted to UCDP that says No AMC would be good enough.

 

[glenn walker]

As I recall the "No AMC" is a Non- Uad grid or cell ? So it's not collected in the UPCD delivery ?

 

[Non Sequitur]

Of course, the AI is bound to promote the AMCs since they are operated by AMCs themselves.

It gets better. Mr. "There are many that enjoy working with AMCs, I happen to be one of them" is on the institute's CEO search project team committee.

 

[timd354]

As I recall the "No AMC" is a Non- Uad grid or cell ? So it's not collected in the UPCD delivery ?

No that is a standardized data field and the GSEs are able to collect and aggregate the "No AMC" data