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What happened to all the work? No orders, no refi, no foreclosures, no purchases,

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It is rather odd how you continually post back to back.
 
LesPaul59 said:
It is rather odd how you continually post back to back.
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Not really. If I go into a thread, I usually start at some point and work my ways downward through the different posts. So, if I see one I want to comment then I do. Then I read the next post - which might be completely different and respond to that and so on - until I get to the last post. So, maybe I read 20 posts and respond to 4 "back-to-back". Or maybe, I think the second post is a somewhat different view - or maybe I am just too lazy to go in and add the new thought to the previous post.

But I think it is odd, that you think it is odd - or so concerned to post the fact. I'm guessing you have had enough of my opinions about the origin of low fees. Hmmm. Most likely. ....

Traditional appraisal doesn't do such a bad job - if you can get very similar comps to the subject. In the SF Bay Area where I work, where most houses are a good 30+ years old and have many divergent updates, that is not the case. You might get comps with similar GLA - but they are invariably different in other respects. The only way to get a reasonable value on such homes is to use accurate MARS (non-linear) regression, combined with RCA constraints. Although, to repeat, - there are many areas I am sure, where traditional appraisal methods are good enough. On the other hand, I am also sure there are many Metro areas similarly to the SF Bay Area.
 
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If you do residential work for lending purposes your work has gone to the AMCs who have hired appraisers not as 1099 contractors but as employees. I consider this a huge conflict of interest as the AMC are an agent of the lenders and to hire someone just completely warps the third party objectiveness shoved down our throats the industry

There are ads for appraisers in linked in and monster that are as employee W2 not 1099. I am so disillusioned with my country it looks to me like intentional dismantling of the whole economic system
 
Do you have any direct engagement clients and is that a conflict of interest?
 
Back to the OP, massive loan modifications and forbearance is a big reason foreclosures are at record lows.
 
CGinMN said:
Do you have any direct engagement clients and is that a conflict of interest?
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are you trying to compare the unethical stakeholder employees to independent appraisers...
 
No, I’m saying that a third party isn’t required. In fact, two parties aren't even required since lenders can have their own in-house staff appraisers pumping out 1004s.

I'm not saying independent appraisers shouldn't be concerned that their volume won't get hit extra hard during the downturn, they should. But it's no less of a conflict than the other type of relationships IMO. AMC or not, there are ethical ways to run a business and there are unethical ways.
 
Mark Sargent said:
If you do residential work for lending purposes your work has gone to the AMCs who have hired appraisers not as 1099 contractors but as employees. I consider this a huge conflict of interest as the AMC are an agent of the lenders and to hire someone just completely warps the third party objectiveness shoved down our throats the industry

There are ads for appraisers in linked in and monster that are as employee W2 not 1099. I am so disillusioned with my country it looks to me like intentional dismantling of the whole economic system
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I hear you.

The main reason for having AMC's order appraisals after the hvcc was to improve the independence and accuracy of valuations. AMC's we're supposed to act as a neutral third party, a "firewall" between lenders and appraisers supposedly helping to prevent conflicts of interest ensuring appraisals were conducted fairly and impartially. This was done in an effort enhance reliability and reduce the risk of inflated appraisals ordered by mortgage brokers.

We weren't supposed to be competing with AMC staff appraisers or only taking the complex assignments that the AMC and staff appraisers wanted nothing to do with due to the risk.

The whole purpose for an AMC has gone through a meat grinder and is unrecognizable from a Independence and conflict of interest lens.
 
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