PAREA: Darn the torpedoes / 3 Sheets to the Wind

[djd09]

Fannie and Freddie unveil plans to tackle the racial homeownership gap​

The sweeping changes include down payment assistance, lower mortgage insurance premiums and a credit reporting system that factors in rent payment history. The enterprises are also expanding counseling services to support housing stability and plan to introduce technology that would improve access to credit and make home appraisals more equitable.

Fannie and Freddie unveil plans to tackle the racial homeownership gap

Mortgage giants Freddie Mac and Fannie Mae announced Wednesday a series of actions that aim to make it easier to buy a home and close the racial homeownership gap, in which 72% of White Americans are homeowners while only 42% of Black Americans own a home.

www.cnn.com

hurry up and become an appraiser before they waive them all, suckers

 

[djd09]

Pilot Transparency​

Appraisal modernization

Assess new processes to improve Single-Family valuation models, time efficiency, and reliability of real estate appraisals. This valuation process provides alternative options to conduct a property inspection that is leveraged by an appraiser who analyzes the inspection data and determines value.

Active

Equitable Housing Finance

October 26, 2017 – June 30, 2023

Pilot Transparency | Fannie Mae

*/

www.fanniemae.com

6 years to figure out if the unlicensed third party with bias can provide a sketch to the inch

 

[djd09]

Bill advances that would bar discrimination in home appraisals​

An appraiser found to have violated the prohibition would have their appraiser license suspended, be forced to pay a fine to recoup the costs of the appraisal, and face a separate civil penalty paid to the state. The suspension would be lifted after the appraiser pays a fine and attends a mandated anti-bias training course.

Because mortgage lenders seldom offer loans worth more than a home’s appraisal, a low assessment can cost a home seller thousands of dollars or more.

Bill advances that would bar discrimination in home appraisals - New Jersey Monitor

Bill would impose hefty penalties on appraisers who deflate home values because of people's race and other protected classes.

newjerseymonitor.com

just remember , if you become an appraiser, you are already a racist. but if you just hit every number, there will be no issue. and the TAF approves

 

[cheustis]

Got my trainee license in Florida several months ago. This is an interesting thread. I see lots of certified appraisers on here shooting down PAREA, and even as a trainee I can understand well how there's no substitute for working directly with a certified in the field. Honest question... how many of you would take on a trainee? I've called DOZENS of certified appraisers in my area and NO ONE has any interest in taking on a trainee. Even a good friend who was my best man when I got married... he's been certified for over 10 years. No capacity to take on a trainee. Again I understand the downside but this program offers a small bit of hope to people like me trying to find a way in. What advice or suggestions would you offer to a newbie like myself?

 

[George Hatch]

There's no demand for additional appraisers in the market and everyone knows it.

 

[sputnam]

There's no demand for additional appraisers in the market and everyone knows it.

Seems to be true. And many appraisers know it. We had trouble filling CE classes this cycle.

 

[jay trotta]

Perfectly fine to disagree. However, had more trainees been adopted by supervisory appraisers over the years, there would not have been a perceived shortage of appraisers, thus we'd probably not have even seen PAREA developed. Of course that is speculation - just like your assertions...

IMO if there weren't so many fingers in the pie (thanks to AG Cuomo) we would be at Fee's commensurate to current market conditions. Bid wars, only emerged via the AMC platform and handcuffed the Supervisory ability to generate an Income stream worthy to offer a Trainee the ability to afford to eat & house oneself. Clearly or maybe not so clearly a dent in the Affordable Housing Act.


Lenders did not & still won't allow Trainees to sign off, PAREA gets to pass go, no problem, no experience, limited training....pfffft

 

[djd09]

Got my trainee license in Florida several months ago. This is an interesting thread. I see lots of certified appraisers on here shooting down PAREA, and even as a trainee I can understand well how there's no substitute for working directly with a certified in the field. Honest question... how many of you would take on a trainee? I've called DOZENS of certified appraisers in my area and NO ONE has any interest in taking on a trainee. Even a good friend who was my best man when I got married... he's been certified for over 10 years. No capacity to take on a trainee. Again I understand the downside but this program offers a small bit of hope to people like me trying to find a way in. What advice or suggestions would you offer to a newbie like myself?

the problem is that the license holder takes all the risk with limited benefits if any

 

[alebrewer]

Lenders did not & still won't allow Trainees to sign off, PAREA gets to pass go, no problem, no experience, limited training....pfffft

This is the root of the trainee problem, no doubt. Remember, though, that the lenders' actions were the result of appraisers abusing the (then) freedom of allowing unsupervised inspections. I have seen the enemy, and he is us....

 

[Non Sequitur]

Well here we are, at the beginning of what is likely to be a dramatic decrease in residential origination appraisal orders. While it's anyone's guess how many indie appraisers will starve out this time, I wonder if the PAREA advocates and AMCs will try to keep veteran indie appraisers from leaving? Will there be a push to raise fees to keep residential appraisal practice viable in the upcoming slow time? Will the AMCs and PAREA champions pound their pulpits in defense of starving veteran indie appraisers? Will AMCs and PAREA advocates sound the alarm when indie appraisers starve out in drastic numbers just as they did during the last bust? I think we all know the answer.

Good luck to everyone in what is sure to be a trying time for indie residential appraisers.