Data Cancer Due to Waivers

[J Grant]

No, I'm not kidding. You just can't help it with the aggressive and condescending tone. That's why folks pick on you so much, J. You don't understand how to engage in a meaningful and thoughtful manner. Nor do you understand basic Economics - hence I will not waste my time responding to this blather other than to say that I'd trust a licensed home inspector for a property inspection 11 days a week over that of an appraiser. Let that sink in and maybe you'll begin to understand the concept of division of labor.

You take offense so easily for nothing - ever read the offensive and rude remarks I get--

Why do you trust a third-party inspection over that of an appraiser? And you do have a bg with working at an AMC or some kind of family connection if I recall, aka a reason why many of tour posts are AMC agenda-friendly vs that of most other independent appraisers here -

 

[J Grant]

Hybrid Appraisal: A New Valuation Model That Can Impact Your Home Value

Hybrid appraisals are faster than traditional appraisals — but are they accurate? Our industry experts weigh in.

www.homelight.com

 

[Tom D]

alebrewer & j grant. I gotta start copying you replies into some kind of aggressive /passive insult database. Some are pretty funny. If i was writing a phycology aggression thesis for my doctorate, this place is a treasure trove, of insults, to find them.
J Grant, your shorter posts with a punch work better than your paragraphs post. Once you got the hit, stop and enjoy the pain inflicted.

 

[Surf Cat]

One needs only watch Jurassic Park to understand that concept.

Lol...."Greed will find a way".

 

[alebrewer]

You take offense so easily for nothing - ever read the offensive and rude remarks I get--

Why do you trust a third-party inspection over that of an appraiser? And you do have a bg with working at an AMC or some kind of family connection if I recall, aka a reason why many of tour posts are AMC agenda-friendly vs that of most other independent appraisers here -

The opinions I express have nothing to do with a bg (whatever TF that is) working at an AMC. They are well thought out, cogent opinions about how things currently work, what IMO doesn't work well, and what IMO might work better. And I could give one %*!$ whether you think my posts are 'AMC agenda-friendly'. In fact - Yes, I'm president of one of the biggest AMC's in the entire galaxy.

 

[George Hatch]

Since some on the board were able to research the data on the court case bias appraisals, it was bogus about a low value - and the small percent difference in a few zip codes FF found was preposterous, yet they used bias as a reason to send a nonappraiser to the property- is that trustworthy behavior? Their actions favor a shift to AMC's doing the ordering, and yet they ignore the impact on quality or who can afford to remain in the profession due to the AMC fee problem. They ignore what appraisers tell them as feedback on the board. I have not seen any change that supports appraiser independence against value pressure.
.
There is no transparency from their side, it is all on our side - they see all our reports, and yet they do not make available the reports they call out as questionable.,

I have spent hours on several of these allegations and come to the same conclusion - almost all of them that we've seen so far were devoid of any support that an appraiser bypassed more similar for less similar.

That isn't where lies this particular disagreement on the topic of waivers. I'm saying that - whether wise/unwise or right/wrong - their underlying motivations predate and are completely unrelated to the bias angle. And that the bias excuse was loaded on afterwards, almost as an afterthought.

As for transparency the GSEs are a lender-type entity, not an appraisal entity of any sort. They owe nothing to the appraisers by way of justifying their internal policies. Except to take instructions it is otherwise none of your business how they decide to promulgate their appraisal policies so long as those policies don't present the appraisers with a conflict to the minimums in our professional standards and the rules/regs of our licensing.

Appraisers matter to appraisers. Appraisers don't matter to anyone else except to the extent they are useful, and even then it is the utility that's useful. Not the individual for being special.

 

[TerryRohrer]

When DW is saying the appraisers are commenting more on what they're seeing in a 3rd party PDR than when they personally inspect the property themselves, thats a serious problem even when its not of effect on the numerical expression of the value conclusion itself.

One more distinction that few people comment on is that the lack of comment in the (conventional 1004) SR2 report doesn't prove that the appraiser "didn't see" it during their SR1 inspection or consider it in their SR1 analysis. The SR2 omission only proves there was an SR2 omission.

An SR2 omission doesn't even prove that the reason for the omission was to deceive or cheat the user. The most common reason for the SR2 omission may simply be a matter of expediency. The appraiser doesn't want to get hassled for obstructing the deal and/or is simply being lazy so they are avoiding the hassle rather than working the hassle. It's the same reason appraisers are resistant to applying market conditions adjustments in their SC grids - they know from personal experience that they're going to get hassled for it by some of the originating lenders regardless of what the GSEs instruct.

Another way to interpret what DW saying about these valuations is that they are not trying to bird-dog or control the pricing trends in the market. They're not trying to tame a runaway pricing trend that is motivated by speculative greed or FOMO or capitalism-is-evil. What they're trying to do is evaluate this property and this transaction in terms of their exposure to risks as a lender.

Well, as you say, what is included in reports is user driven. Now that the GSEs are in backrooms claiming to see things no one else is allowed to view in order to change what drives users, in midstream, that seems to be a user fault rather than an appraiser fault. You can't push a string.

Offhand I'd say that whether or not an SR1/SR2 workproduct was adequate is most appropriately judged within the context of it's use. Like it or not, there exists in the market a point of diminishing returns. That's why Mejappz is always so bitter - nobody pays extra for a workproduct which significantly exceeds that point of diminishing returns.

IRL, appraisal quality is primarily user-driven. Can't push on a string.

 

[George Hatch]

I agree with that to a large extent. The GSEs have tolerated the status quo for a long time so that's how that status quo came to be. Now they're changing that, and are openly telling the appraisers that they are changing that.

That doesn't mean the GSEs are in any way obligated to share the details of their own analyses with the appraisers, though. Really, they don't even need to explain why their changing their effective expectations. "We want what we want" is a thing in the appraisal business, too.

The GSEs don't sell anything to appraisers. They don't have to justify what they're doing. Appraisers can either take it or leave it.

 

[timd354]

Appraisers don't matter to anyone else except to the extent they are useful, and even then it is the utility that's useful. Not the individual for being special.

Every appraiser should read this over and over until it sinks in because it is the absolute truth. It sucks, but this statement is 100% accurate.

 

[Tom D]

We don't need no stinking appraiser. Fannie should give you a choice besides their avm.

Top Tools in the US to Instantly Discover Your Home’s True Value​

In today’s competitive real estate market, knowing the true value of your home is essential, whether you’re planning to sell, refinance, or simply stay informed about your investment. Fortunately, advanced technology and data-driven tools have made it easier than ever to get an instant estimate of your home’s value. These tools analyze various factors, including market trends, property details, and comparable sales, to provide an accurate valuation. Discover the top tools in the US that can help you instantly discover your home’s true worth.

Related searches