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  #1  
Old 11-07-2009, 12:17 AM
Wm. Hattaway's Avatar
Wm. Hattaway Wm. Hattaway is online now
 
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Default How appraisers measure up.

This was written in the AI newsletter;

Freddie: Appraisal Quality up Since HVCC
While the controversial Home Valuation Code of Conduct has been in place only since May 1, Freddie Mac has reported a notable improvement in the quality of appraisals of loans it buys, according to National Mortgage News. Patricia McClung, Freddie Macís vice president of offerings management, noted at the recent Mortgage Bankers Associationís convention that 15 percent of the appraisals the agency receives are in greater alignment between the value determined by the organizationís automated valuation model and the value determined by the actual appraiser.

If Iím reading it correctly, how well appraisers do is measured by how close we come to an AVM.
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Old 11-07-2009, 12:36 AM
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How can they report quality is up? wasn't there another published report that mortgage fraud was on the rise since the inception of the HVCC?

I don't really care about the HVCC if it comes or goes, AMC's are here to stay so lets regulate them bad boys and move on.
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  #3  
Old 11-07-2009, 02:08 AM
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It is simply common sense that appraisal quality has to be worse with the 24 TAT requirements and $200 fees from AMCs owned by banks that the taxpayers bailed out.

Is there any government employee who has a clue about this industry? Anyone saying that appraisals are better doesn't understand that the AMCs do not allow for proper report development and verification of information.

Standards 1 and 2 are being severely abused by the AMCs and the people they employ who "can" turn and burn 24 reports in areas where verification of information is not possible in less than 2-7 days.

AMCs ask appraisers to violate USPAP daily with unacceptable assignment conditions AO-19 -- page A-52 of USPAP and SWR U-13.

In some states USPAP is part of state statutes and thus a violation of state law. AMCs are asking for illegal practice. Is that not illegal?

Of course there are no government people who will read this and if they do will not care. Bureaucracy doesn't listen to reason or common sense. Both political parties are to blame just in case someone wants to point a finger.
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  #4  
Old 11-07-2009, 05:23 AM
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What else would you expect Fannie and Freddie to say, that the HVCC is a disaster? Why would they want to admit that? It could not possibly benefit them in any way. Anyone with any insight into this industry should take the statement that better appraisals means they are closer to avm's is putting it out there that avm's are the benchmark. If no one balks at that statement, they are one step closer to using the exclusively. Now wouldn't that be nice for them? Talk about lower fees and faster turn around times.
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  #5  
Old 11-07-2009, 06:19 AM
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Your government, with Your Tax dollars is attempting, thru the Central Bank to consume as many residential properties as possible. They will then put You in that "Governemnt Owned Property" at a "Rental Fee" to cover a portion of costs, supplemented by Your Increased Tax Dollars. They will consume as much "private property" as possible, when that goal is attained, they will tear down all the housing and put up Governement Owned Housing. We are in the process of being a Totally Owned Governement possession.

Welcome to the USSR

Think not, look at the New programs currently being offered by HUD/FHA to avoid foreclosure products.
  #6  
Old 11-07-2009, 07:44 AM
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Quote:
What else would you expect Fannie and Freddie to say
excellent point. They are not going to suggest that the agreement they signed was a joke....
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  #7  
Old 11-07-2009, 08:48 AM
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Evidently, an AVM sets the standard for accuracy,reliability and credibility. So if I read between the lines, 85% of the reports are not accurate, reliable or credible.
  #8  
Old 11-07-2009, 08:58 AM
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I measure up by twisting the stand on my Disto, setting it on the floor and aiming the red dot at the ceiling.
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  #9  
Old 11-07-2009, 09:16 AM
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Do you have to stand on a chair to aim your red dot over the furniture?
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  #10  
Old 11-07-2009, 09:44 AM
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"Figures lie, and liars figure"
Anyone else notice more govmnt figures everyday
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