This is why I got out of this profession

[glenn walker]

Did you happen to notice that during that same time frame a record number of appraisal reports were also ordered, resulting in the highest volume of appraisal work ever?

Danny yes I did and I am happy about that -- I was just responding to JG Grant

 

[Dublin ohio]

I am not a fan of ext or waivers but to be fair there was a health and safety reason for them during covid - now that is gone of course as a rationale but the % of waivers also looks lower, still, not a favorable development

I could be wrong. I doubt that Covid was a factor for waivers. More than likely there were just a larger pool of well qualified buyers. Desktops were the thing when it came to Covid. But I only did 2 desktops out of over 400 appraisals during the 2 Covid years

 

[J Grant]

Danny yes I did and I am happy about that -- I was just responding to JG Grant

with old information why didn't you use the recent info?

 

[glenn walker]

with old information why didn't youbecause use the recent info?

Because the data has changed and seems to have been revised at a later date . Doesn't really matter "Waivers" will continue to grow over time as will alternative products. Maybe Danny can chime in on that and also about Freddy announcement recently that current appraisal fees are too high .

 

[DWiley]

Because the data has changed and seems to have been revised at a later date . Doesn't really matter "Waivers" will continue to grow over time as will alternative products. Maybe Danny can chime in on that and also about Freddy announcement recently that current appraisal fees are too high .

I am aware of no such announcement. Citation?

 

[glenn walker]

Freddie Mac Desktop appraisals​

Based on the success of the temporary COVID-19 appraisal flexibilities and a market appetite for appraisal options that do not require physical inspections, Freddie Mac is introducing the desktop appraisal option for purchase transaction Mortgages that meet certain requirements. The desktop appraisal can help address appraiser capacity concerns and reduce appraisal turn-times. Its use also has the potential to help reduce Borrower costs.

The desktop appraisal, completed on new Guide Form 70D, Uniform Residential Appraisal Report, will be available beginning March 6, 2022 for new loan applications and resubmission's to Loan Product Advisor. This report is similar in format to Form 70 and will require many of the same exhibits. However, a specific requirement of Form 70D is that the appraiser must provide a floor plan in addition to a building sketch.

 

[glenn walker]

I am aware of no such announcement. Citation?

A poster has been posting it on the AF last week - I will try to find it- May just be a bunch of BS

 

[glenn walker]

I am aware of no such announcement. Citation?

Danny-- Posted July 7 on AF -Freddie Mac Says We Need to Lower Appraisal Cost ( my note ) based on the posters propensity to post things which often are not found to be factual along with some attacking you personally. I will say this thread was bogus. Many on here have a agenda and the facts no longer matter as they just are running on emotions and going broke. ​

 

[Terrel L. Shields]

In light of claims of fees being "too high" when offers are less than what we were paid in 1992? Boggles my mind. By any metric of inflation, fees should easily be in the $1,000 range for the standard 1004. OTOH, I am confident the GSEs and other lenders would prefer no appraisal. I would support that if there is an economic death penalty to go with it. So if FNMA has to be bailed out then every employee and manager would have all their assets seized to make up the short fall and the CEO mandatory is labeled a traitor and sentenced to 20 years. Any bank making bad loans should see the LO making the loan stripped of every dime they own. And the bank directors likewise to be stripped of all their money and assets then sent to prison. It's a choice. Accept that an appraisal is a tool and the appraiser should be adequately compensated or accept the risk created by bad banking by holding bankers accountable.

Bernanke deplored the "moral hazard" of the bailouts yet the S & L Crisis saw 1,100 bankers go to jail. Did any go to jail during the Great Recession? I know a couple who paid a fine and were banned from banking for life...but real prosecutions were rare. And those frauds were bank frauds not appraisal fraud or simply bad appraisals.

 

[glenn walker]

Fees no matter what they are will ultimately be decided by the public who tells their Loan Officers thats too much. Eventually lenders and banks have to listen to their customers.
With today's technology,many reports could be prepared at way lower fees by offering the Consumers a menu of other options including no appraisal at all.

Yes I know we all want large fees, but we are now becoming a consumer product and not a profession and no matter how much we hate the thought appraisal fees in the future will be lower and more and more waivers and desk-tops and Evaluations will be used.