This is what I was told about Desktops...

[nachocheesefries]

Just a note. A lot of the over the top requirements are from clients and not a GSE. Fannie just wants living room, kitchen and bath photos.

Fair enough. Under that same thought process, it would seem that clients would likely laugh at the idea of not even having Appraisers look at the property AT ALL?

Will it be that Fannie is the only one throwing caution to the wind and most of our lender clients (portfolio and secondary market) will stay the current course except when they are backed into a corner for some reason(can't find an appraiser, short closing, etc)?

"We didn't see any increased risk"....I can't stop smiling about that. What an idiot. They should have an LTV requirement of no more than 50% not 90%, IMO....otherwise, the borrower needs to sit down and go through the process. There is simply too much risk to the investors.

Their Simple Simon algorithm does not take into account all the bad loans we kill and have saved them the loss on. They are getting ready to find out though.

 

[NC Appraising]

Just a note. A lot of the over the top requirements are from clients and not a GSE. Fannie just wants living room, kitchen and bath photos.

Yep.

2 listings...1004mc....cost approach....site value....pics of smoke and co detectors...WHY? PMI company? AMC?

Sometimes it is the lender, but the AMC is to blame also. The AMC has all of these over the top requirements just to avoid (potential) lender rejections as it affects their turn time and grade with the lenders.....make the appraiser do more just in case. AMCs also offer appraisal insurance....??

Wonder what the take or opinion of the PMI companies are on these third party appraisals are?

 

[Sadie]

Yep.

2 listings...1004mc....cost approach....site value....pics of smoke and co detectors...WHY? PMI company? AMC?

Sometimes it is the lender, but the AMC is to blame also. The AMC has all of these over the top requirements just to avoid (potential) lender rejections as it affects their turn time and grade with the lenders.....make the appraiser do more just in case. AMCs also offer appraisal insurance....??

Wonder what the take or opinion of the PMI companies are on these third party appraisals are?

Or the good old site value greater than 30% of value comments. Just why?

 

[Overimprovement]

Yep.

2 listings...1004mc....cost approach....site value....pics of smoke and co detectors...WHY? PMI company? AMC?

Sometimes it is the lender, but the AMC is to blame also. The AMC has all of these over the top requirements just to avoid (potential) lender rejections as it affects their turn time and grade with the lenders.....make the appraiser do more just in case. AMCs also offer appraisal insurance....??

Wonder what the take or opinion of the PMI companies are on these third party appraisals are?

Oh I know for a fact some of this crap is the AMC. I have one lender client who I worked with thru AMC A for 2 years--they never required E&O to be in the report. This lender then started to work with AMC B as well (I get orders for this lender thru both), and AMC always requires E&O in the report, saying it is a client requirement. Sure enough, first and subsequent orders from this same lender with AMC B asked for E&O in the report.

FTR, I NEVER include my E&O in a report. I just state I cannot accommodate this request per recommendation of my carrier. The point is it is the AMC is the one requiring this, under the guise of it being a lender demand. Hogwash! The stupid thing is the AMC of course has my E&O on file. Why on earth do they think they need it in every report?

 

[Mike Ault]

Oh I know for a fact some of this crap is the AMC. I have one lender client who I worked with thru AMC A for 2 years--they never required E&O to be in the report. This lender then started to work with AMC B as well (I get orders for this lender thru both), and AMC always requires E&O in the report, saying it is a client requirement. Sure enough, first and subsequent orders from this same lender with AMC B asked for E&O in the report.

FTR, I NEVER include my E&O in a report. I just state I cannot accommodate this request per recommendation of my carrier. The point is it is the AMC is the one requiring this, under the guise of it being a lender demand. Hogwash! The stupid thing is the AMC of course has my E&O on file. Why on earth do they think they need it in every report?

It really flusters them when you tell the AMC that "their client" has been "your client" for 30 years and you know better. "Our client requires the borrower to be contacted within 24 hours" is my favorite lie to take them to task for.

 

[Terrel L. Shields]

It was stated that currently, the Desktop game only works in larger cities but not in rural or suburban markets because they can't get enough retirees to get on board ....They have not figured out how a computer can replace rural and suburban appraisers and I am not sure that is even on their radar

It doesn't seem to stop them from trying to get rural appraisers to cut fees and shorten turn times for complex appraisals of wildly variable properties in remote areas does it?

 

[Alsie35]

Well, the very FIRST one came across my email today ... (Spoiler alert: Informed them we do not do "1004 Desktop" dreck - no, I didn't add that descriptor - but I wanted to). You might find this screengrab of interest, however, keeping in mind that our average 1004 fees are North of $600 at the moment down here. "And your little dog, too" would be the ending of my retort to this....

 

[Non Sequitur]

It really flusters them when you tell the AMC that "their client" has been "your client" for 30 years and you know better. "Our client requires the borrower to be contacted within 24 hours" is my favorite lie to take them to task for.

Not really a lie, during the sales pitch the AMC promises the world and moon to the lender.

 

[Non Sequitur]

Well, the very FIRST one came across my email today ... (Spoiler alert: Informed them we do not do "1004 Desktop" dreck - no, I didn't add that descriptor - but I wanted to). You might find this screengrab of interest, however, keeping in mind that our average 1004 fees are North of $600 at the moment down here. "And your little dog, too" would be the ending of my retort to this....

View attachment 61337

Thanks for posting.

So they're offering $296, a large AMC reached out to me offering $260. I'm not a player right now, but never say never in business. I hate where we are and even more where we are headed as an industry, it will be brutal.

 

[Alsie35]

Thanks for posting.

So they're offering $296, a large AMC reached out to me offering $260. I'm not a player right now, but never say never in business. I hate where we are and even more where we are headed as an industry, it will be brutal.

I get what you are saying, but we are booked solid 10 days out right now with orders paying from $600 - $900. In this market I don't have to give it a "NY second" of thought to tell them to go pound sand when they offer something like this. (Especially keeping in mind that it would take way MORE time to complete than a regular 1004 would - I would turn it down at TWICE the fee. )

That's OK though. They're all gonna learn real, real soon that no one is going to help them with this crap.