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Old 11-07-2009, 01:17 AM
Wm. Hattaway's Avatar
Wm. Hattaway Wm. Hattaway is offline
Join Date: Mar 2006
Location: Polk County, Florida
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 1,015
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, 01:36 AM
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jmarch305 jmarch305 is offline
Join Date: Mar 2008
Location: Gilbert
State: Arizona
Professional Status: Certified Residential Appraiser
Posts: 164

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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Old 11-07-2009, 03:08 AM
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Michigan CG Michigan CG is offline
Join Date: Nov 2006
State: Michigan
Professional Status: Certified General Appraiser
Posts: 17,756

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.
You do not know what you do not know.
Old 11-07-2009, 06:23 AM
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Paul Isolda Paul Isolda is offline
Join Date: May 2004
Location: Stamford, CT
State: Connecticut
Professional Status: Certified Residential Appraiser
Posts: 1,002

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.
Trying to win the war of attrition
Old 11-07-2009, 07:19 AM
jay trotta's Avatar
jay trotta jay trotta is offline
Join Date: Feb 2004
Location: Snowglobe
State: Connecticut
Professional Status: Certified Residential Appraiser
Posts: 6,387

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.
Old 11-07-2009, 08:44 AM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 40,726

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....
"Bigamy is having one wife too many. Monogamy is much the same." Oscar Wilde
Old 11-07-2009, 09:48 AM
nstanbru nstanbru is offline
Join Date: Feb 2009
Location: Buena Park CA
State: California
Professional Status: Certified General Appraiser
Posts: 759

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.
Old 11-07-2009, 09:58 AM
Tim Hicks (Texas)'s Avatar
Tim Hicks (Texas) Tim Hicks (Texas) is online now
Join Date: Jan 2002
Location: Crowley
State: Texas
Professional Status: Certified Residential Appraiser
Posts: 11,954

I measure up by twisting the stand on my Disto, setting it on the floor and aiming the red dot at the ceiling.
Please don't log on here and ask for our blessings unless you are prepared to accept the truth.
Old 11-07-2009, 10:16 AM
CANative's Avatar
CANative CANative is online now
Join Date: Jun 2003
Location: Ukiah, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 47,266

Do you have to stand on a chair to aim your red dot over the furniture?
Old 11-07-2009, 10:44 AM
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William K William K is offline
Join Date: Sep 2007
Location: Cook county
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 3,228

"Figures lie, and liars figure"
Anyone else notice more govmnt figures everyday
Appraisers need to learn to say the word, "NO". The word "NO", saves money and aggravation!
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