Slow Down?

[ucbruin]

That IS the ironic part...!! That they are substituting a base on a lender or borrower refi value target or sales price ACE product for an appraisal ...think about it.

Depending on what you mean by "base"?
Isn't there always a "base" needed for a lender's consideration to fund a loan?

 

[TRESinc]

Really? I see many sales contracts with an appraisal clause if appraisal is below SC price borrower is released from the deal /similar terms.

which as you know means nothing. neither the borrower nor the seller have any right to rely on the appraisal that they did not order.

The borrower is relevant to USPAP public trust..

no, it is not. in USPAP the public trust refers to our clients, and borrowers for mortgages are not our clients.

we all know many lenders don't care about the appraisal or appraiser just close the loan with magic number...

just like borrowers...

some lenders are more diligent and ethical about the appraisal but they have to compete with the less ethical ones for business. The less ethical outsource any dirty work to an AMC that they used to offload to mortgage brokers

would love to see your data to back this up, or is this just another "jgrant fact"?[/QUOTE]

 

[J Grant]

Where is all your data to back up what you say and post here? Have never seen it lol.

 

[J Grant]

Depending on what you mean by "base"?
Isn't there always a "base" needed for a lender's consideration to fund a loan?

That is not the point. The point is an appraiser is not supposed to base their value opinion on a predetermined value, value direction or outcome (such as granting of a mortgage loan)_ , whereas an ACE product can base a value on any of those things.

 

[TRESinc]

Where is all your data to back up what you say and post here? Have never seen it lol.

it's common knowledge. if borrowers were so upset with the way that appraisal ordering is handled when they want to borrower money they would have changed it in the last 20+ years of licensing.

That is not the point. The point is an appraiser is not supposed to base their value opinion on a predetermined value, value direction or outcome (such as granting of a mortgage loan)_ , whereas an ACE product can base a value on any of those things.

because a program is not an appraiser. good lord, read what you write.

 

[J Grant]

Have a nice day, TresInc, I have better things to do than engage in bickering with you.. Which is why I usually keep your posts on ignore.

 

[djd09]

Can you imagine the market if the bankers are the de facto valuers via a programmed avm. Some one call the feds and have them order more ink.

Sure the taxpayers will pick up the tab, again. And then kick the can down the road for multi generations to spiral in the debt, all for the sake of affordable housing, which is not so affordable anymore.

 

[TRESinc]

Have a nice day, TresInc, I have better things to do than engage in bickering with you.. Which is why I usually keep your posts on ignore.

ya, if i was proven wrong as many times as you i would quit too.

 

[J Grant]

Can you imagine the market if the bankers are the de facto valuers via a programmed avm. Some one call the feds and have them order more ink.

Sure the taxpayers will pick up the tab, again. And then kick the can down the road for multi generations to spiral in the debt, all for the sake of affordable housing, which is not so affordable anymore.

I know...why are fannie and Freddie offering products that not only have no appraisal constraints about value or price hitting, but that also relieve lender of warranties or relief- so now fannie and freddie or tax payers get that burden?

In former years fannie and freddie were seen as a brake, or at least a yellow light caution pause for diligence in the lending process, now they are behaving like Amzaon or UBER , "because customers want that, " They seem dazzled by tech trends and, forgetting a car ride on UBER or buying socks on Amazon does not equate to the stakes of a (tax payer backed )mortgage loan of hundreds of thousands of dollars with a 15-30 year commitment.

I don't see them talking about affordable housing, all the verbiage is about speed, making the process customer friendly like Amazon and cutting appraisal costs. If they make some tiny side program about affordable housing it will be a token , it sure was not affordable housing that crashed the markets last time, rather a lot of property flipping and inflated price mainstream houses and new construction of over priced condos/properties...

 

[James Micozzi]

ya, if i was proven wrong as many times as you i would quit too.

This is JGrant's typical MO. Give up when asked to provide support for his opinions.