Hybrid Appraisals

[alebrewer]

If the investors that don't, then by association the lenders and AMCs don't. Do investors accept hybrids? Then they have a double standard that is less than ethical.

I'd take that up with the investors if I were you (hint: I'm not one).

 

[alebrewer]

In west Texas mortgage loans are like tumbleweeds.

They weren't in '20 and '21...

 

[Tim Hicks (Texas)]

I'd take that up with the investors if I were you (hint: I'm not one).

I know you are not, but it does not change the facts. I will continue to do none based on that premise anyway.

 

[Non Sequitur]

They do, however, allow trainees to inspect. Its the investors that don't...

Yep. The last time I posted this I was called a liar. What appraisers don't understand (because it is out of our wheelhouse) is a large part of the secondary market is funneled through investors then to the GSEs. And those investors put together guidelines like AMCs put together engagement letters, something that happened once ten years ago is forever burned into the guidelines.

 

[alebrewer]

Yep. The last time I posted this I was called a liar. What appraisers don't understand (because it is out of our wheelhouse) is a large part of the secondary market is funneled through investors then to the GSEs. And those investors put together guidelines like AMC put together engagement letters, something that happened once ten years ago is now forever burned into the guidelines.

My guess is that most investors prolly wouldn't notice anyway - it's a checkbox on their review forms. Not sure why.

 

[alebrewer]

I know you are not, but it does not change the facts. I will continue to do none based on that premise anyway.

I'd say that's a business decision on your part - that needs no justification.

 

[Non Sequitur]

My guess is that most investors prolly wouldn't notice anyway - it's a checkbox on their review forms. Not sure why.

Well, it didn't work out to well for a national firm that tried it. But in the end they only got slapped on the wrist and are back in the game with UWM.

 

[Tim Hicks (Texas)]

I'd say that's a business decision on your part - that needs no justification.

I should never say never, but it is nice to dream. I remember going to a Fannie Mae Appraisalport meeting in 2000 regarding env delivery. I never saw so many appraisers cross their drawn line in the sand so quickly. They were all against it until they realized they had to do it to keep getting orders.

 

[alebrewer]

I should never say never, but it is nice to dream. I remember going to a Fannie Mae Appraisalport meeting in 2000 regarding env delivery. I never saw so many appraisers cross their drawn line in the sand so quickly. They were all against it until they realized they had to do it to keep getting orders.

No doubt. And who knows - with appraiser attrition, along with folks that refuse to do them, the fees might not settle out so low. I'd sit in my pj's and do hybrids all day long if I could get requisite pay for them.

 

[Non Sequitur]

No doubt. And who knows - with appraiser attrition, along with folks that refuse to do them, the fees might not settle out so low. I'd sit in my pj's and do hybrids all day long if I could get requisite pay for them.

Here's why I'm not optimistic about the way hybrids are headed; The higher the fee the more likely AMC and national staff will take all of them. And that is happening now. It's too easy with Dodd-Frank reciprocity to license in multiple states and squeeze out independent appraisers.