How is Business and your anticipation for the future?

[glenn walker]

61 days and I ain't gonna give a rat. License expires if I don't first. And the way I've felt lately... 8 more doctor appointments this coming month including cataract surgery.

The cataract surgery will most likely return your vision and unless you get a infection it's easy surgery.

 

[Alsie35]

HOW WE GOT HERE - A reminder:

Step 1 in the destruction of the Independent Appraiser Business Model was the DE FACTO prohibition on Trainees (aka the Regs of 2007-2008 that made taking one on a $$$-losing proposition). This caused turn times to skyrocket during busy times due to the shrinking pool of licensed appraisers owing to a decade of 'Negative Licensed Appraiser Natality';

Step 2 was the implementation of waivers/hybrids and the shrinking of the 'Available Property Pie' - the reason given was that these were needed as the ... RESULT of Step 1 above - but note who was NOT in any way responsible for the gov't-created problem of Step 1; THE INDEPENDENT APPRAISER;

Step 3 (The 'UAD 3.6 Abomination') is the equivalent of the 'Final Solution' of the 'Appraiser Problem' - the GSEs improbably (if not outright mendaciously) CLAIM that step 2 'proved' Independent Appraisers were no better than the 'Alternate Valuation Methods', hence they were expendable - so new software + data collectors would now be used to LEVERAGE them - into EXTINCTION;

Like Lee Elia said in a different context: "Its a disheartening F*****G situation we are in".

I already have one foot out the door, so this horror show that will be delayed into 2027 is no skin off my back. But the Independent Appraiser Business Model, which allowed tens and tens of thousands of independent appraisers to succeed for a century, will be as dead as a doornail when the "3.6 Abomination Hammer" finally drops.

And that is indeed disheartening - as the Big Government assault on Small American Business - the backbone that BUILT this great nation - leaves behind another casualty.

It is what it is.

 

[Terrel L. Shields]

Independent Appraiser Business

The banksters have worked tirelessly since 1990 to make appraisers play ball with them. Nothing new under the sun.

 

[J Grant]

The banksters have worked tirelessly since 1990 to make appraisers play ball with them. Nothing new under the sun.

There is something new under the sun. The banksters have worked to get the GSE's to play ball with them by eliminating the appraisal and allowing the bankster, aka a loan officer, to estimate the value of the property for the loan. The loan officer estimates the value they need for the loan LTV in an appraisal waiver/value acceptance for a refinance, after the GSEs greenlight a waiver.

 

[alebrewer]

LO's have little to nothing to do with policy change. Heck - it won't be long before they're gone as well. And underwriters may be going away before appraisers do.

 

[J Grant]

Individual loan officers might not effect policy change. But the banks that employ the loan officers can affect policy change.

Or maybe the GSEs decided to do so in anticipation of going private. IDK. But it is indeed a change, something new under the sun ( in response to Terrel) .

 

[Essexfenwick]

There is no way AI doesn't horn in on LO income .

 

[alebrewer]

There is no way AI doesn't horn in on LO income .

AI is already replacing underwriters. Per Claude:

 

[J Grant]

AI is already replacing underwriters. Per Claude:

View attachment 108903

Will they pass any of their cost reductions on to borrowers?

 

[alebrewer]

Will they pass any of their cost reductions on to borrowers?

Where's the outrage at AI taking the underwriters' jobs? Shouldn't we impose some kind of requirement that lenders HAVE to employ a certain number of underwriters - regardless of whether or not AI can do the job better?