Monumental Step Forward?

[Tru Red]

DELETE

 

[Joe Flacco]

Worth the paper it's written on.

I don't really work with Rate but I like them and I feel that they do a good job with their appraisal desk. I would work with them if they were the client type I am targeting.
That said they use AMC as well as direct engagement through their appraisal desk so the experience on the appraiser end will likely be different based on if working with AMC or directly with the appraisal desk.

 

[lefty2cox]

Multiple adjustable rate mortgages to strippers aren’t a thing this time around. If the real estate market pops again, I don’t think it will revolve around collateral.

I don't know where you're from but I bet the average stripper makes more than the average appraiser. If I were a lender, I'd worry more about the loans I made to appraisers when the rates go up before I'd sweat the strippers. They're recession-proof.

 

[Terrel L. Shields]

This is certainly true for people in rural areas with lower volumes, but I already have more requests than I can handle. LRES and USRES send me ~10 requests a day that I ignore because their fees are ridiculous. Personally, I don't mind accepting lower fees if it means I don't have to leave the house.

It will be interesting to see what happens in the next few years. I've done hybrids for a few AMC pilot programs and it's not a very efficient system. I'm currently waiting on a 3D scan for over a week. I could've done the appraisal myself by now.

There are only X many loans made. That varies as a function of the market. Lest we forget 2009-12....the current volume is likely not going to be sustainable. Therefore, if we cut fees because the product is a "cut-rate" assignment, we cut a lot more than the fee. We cut our own throats. Since self-deletion is not my pick of the litter, I will force the banksters to cut my throat instead. At least my blood is not on my own hands.

 

[Non Sequitur]

I don't know where you're from but I bet the average stripper makes more than the average appraiser. If I were a lender, I'd worry more about the loans I made to appraisers when the rates go up before I'd sweat the strippers. They're recession-proof.

It was a reference from Big Short, skip to 3:20 (search Big Short Stripper in youtube if the video doesn't play for you):

 

[lefty2cox]

It was a reference from Big Short, skip to 3:20 (search Big Short Stripper in youtube if the video doesn't play for you):

My apologies. I too enjoy the insertion of movie/tv quotes into daily conversation. My wife never gets it and it pisses me off.

 

[Terrel L. Shields]

I saw a lot of Realtors buying houses. They bought into their own guff. I bet there were 15 I knew who filed bankruptcy. Strippers, not so much, But I did know one who bought a manf. home from a "sweet little old lady and man" who lied like a dog to the appraiser (one of my former trainees). They said the house was on septic and there was a well, and along the hillside was a small building that looked to be a well house. It was actually a very shallow "well" that was fed by a pipe from a spring on an adjacent property. The "septic" was just a pipe run to a hole full of rocks. Turned out the "well" was contaminated by this cesspool, but the occupants were immune to the stuff. The stripper's man wasn't. He got so sick he almost died and was in the hospital. They sued the sellers who ended up buying it back...the appraiser was sweating bullets that she didn't get sued too.

 

[RCA]

In the webinar I sat through yesterday (Lyle Radke, Scot Rose, Scott Reuter, and Brian Zitin), the common theme regarding appraisal fees was that there won't be much of a change - at least initially. As over half the appraiser profession is within 5 years of traditional retirement age, who knows where the fees will eventually shake out.

Those already on social security are likely to charge what they they think they are worth - and if that is too much for the AMC, then say to themselves "Well, I'd rather fish (or whatever) anyway."

 

[jay trotta]

View attachment 60044

View attachment 60043

So the Fee Skimming will continue......

 

[Terrel L. Shields]

Those already on social security are likely to charge what they they think they are worth

Exactly. I no longer try to keep up with the "market" for my services. I charge what I charge so take it or leave it.

We are an aging population of appraisers. We have only a trickle of new blood largely because this job has too much risk for the pay banks are willing to offer. The physical aspect is relatively easy. So we have little incentive to retire unless we are flush with money and have "things to do". I know too many people who retired only to go back to work or fret themselves silly in retirement. And talking with my disabled cousin in Tulsa today, she commented that she had basically been holed up for 2 years in her home. Didn't really want to go anywhere and had to 'make work' to keep from going crazy. As Mark Twain said, "Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.” My brain has always had more energy than my body. I will have to exercise it. Either I work or I write another couple of books. Whichever, I have to keep the mind from doing what my body has already done - weakening.