AQB's latest dumbing down by 'Stakeholders' Dropping the College Degree Requirement

[djd09]

I care about your competition and your fees. And yes, I do care even though none of you are in a position to compete with me in my book of work.

oh i thought you were a SFR 1004 guru...keep your pom poms handy for 15th st

 

[ucbruin]

"The " buyers" on the res mortgage side (lenders and AMC's, FF) ensure they have a set of regulatory policies in place that protect THEM in the marketplace yet you are fine with that."

Wouldn't appraisers do the same for us if we had the power to do so....

 

[George Hatch]

Yes, well, money drives what decisions and valuation policies that Fannie, Freddie, and the stakeholders make, and yet I never hear you accuse them about it.

Money means a profession either lives or dies, and the strategy of starving appraisers out on the real estate lending end by stakeholders results in them having the control and profit of valuations.

I've lost count of how many times I've said the money plays a big role in what everyone is doing - including the appraisers. So I'd appreciate if you would refrain from repeating that lie again.

Most restaurants eventually fail. Same with most other business types. Doctors are quitting because their 3rd party management systems aren't paying them what they want/need. There's no reason for you or anyone else to believe appraisers should be protected from the market for services as it actually exists.

 

[TerryRohrer]

You understand that the GSEs haven't done enough analysis to prove or disprove the outcome that appraisers are asserting. The worst thing they could do for their own credibility is assert a conclusion they cannot prove because so far nobody knows how the more in depth analysis will turn out.

The above would be the generous interpretation of the Freddie Mac claims. In conjunction with the release of the first "Research Note" was a press release doing exactly what you suggest they have not done.

Conclusions:
"This is a persistent problem that disproportionately impacts hundreds of thousands of Black and Latino applicants"
"Our goal is to develop solutions to this persistent problem"

Solutions:
"uniform standards for automated valuation models"
"improved value processes"
" develop supporting tools to create new approaches across the valuation spectrum"
"The company is also testing whether alternatives to traditional appraisals offer a more objective analysis of property value."

Freddie Mac Research Explores Causes for the Appraisal Valuation Gap for Homeowners in Minority Neighborhoods | Freddie Mac

MCLEAN, VA., Sept. 20, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released an analysis showing that appraisal values are more likely to fall below the contracted sale price of a home in census tracts with a higher share of Black and Latino households, resulting in an appraisal gap.

freddiemac.gcs-web.com

 

[Terrel L. Shields]

No one with a college degree is going to work for CC of class valuation for $20/hr.

Actually, lots of people are, and there are tons of college grads - mixed degrees - who are applying for minimum wage jobs just so they can eat. One tik-tokker was whining she had dual degrees in liberal arts and spoke 3 languages. Cannot find a job and was applying at fast food places, etc. Right now, many folks in SOME places are not getting jobs readily. Today in my area, you can get a job cleaning up tornado damage, reroofing houses, etc. I went 30 miles to a job and back and there is one area with snapped off power poles, uprooted trees, one cemetery badly damaged, and an old chicken farm's tin is strung for a mile. Knocked fences down. Huge clean up needed. I bet our home insurance jumps up. electricity is still out from Saturday night for an entire town and huge area of rural homes. But what do you expect in an area that has tripled the population in 30 years? New houses got roofs stripped off, etc.

 

[George Hatch]

Whether merited or not, professions requiring a college education command a greater degree of respect and tend to weed out some of the complete idiocy that led to a lack of ethics among too many appraisers - they didn't profit by big $ intelligent criminal conduct like Enron or insider trading ( that is terrible of course, but at least took brains and made their crooks millions )

Instead, we had naive appraisers who would not get a professional foothold elsewhere- doing comp checks and meeting value pressure simply to get work or being too intimidated to say no.

Again, to be clear, some individuals who do not go college are smarter than some college grads and more ethical as well in some cases. It is about the net result and impact on the profession .

What do you think is the role of licensing?

Let me help you out with that. Here is a screengrab of the mission statement for my state's appraiser regulator. You might perhaps notice that it don't say nothing about the economic interests of fee appraisers.

 

[Tiffany Gibbons]

Here's the funny part to me. Most of the high mighty that are involved have college degrees.

Think about that one. LOL

Even in Physics, lol

 

[DWiley]

im sure DW will post and straighten this all out...he was the chair of AQB, right?

I was never a member of the AQB.

 

[Terrel L. Shields]

A college degree is about becoming educaitoned.

what?

Conclusions:
"This is a persistent problem that disproportionately impacts hundreds of thousands of Black and Latino applicants"
"Our goal is to develop solutions to this persistent problem"

If you repeat a lie long enough, it becomes fact.

ou might perhaps notice that it don't say nothing about the economic interests of fee appraisers.

It's concern is with keeping their own jobs so after they run all the appraisers out of business saying it "not their job" to see that appraisers are compensated enough to justify the work needed to value property, then they'll whine about losing their own jobs. I mean how many regulators do you need with there are only 40 appraisers in the entire state - and 38 of them are specialist appraisers who do not do mortgage appraisals and the 2 who do run 100's employees of runners and AVM operators and have a phalanx of lawyers to defend themselves.

 

[George Hatch]

How about YOU making an argument in good faith?

The policies and decisions and tweaking of regulations by Fannie, Freddie, and the stakeholders put vast amounts of money into our points or their AMC companies. yet they get a free pass from you on it while you constantly post to accuse the appraiser of hypocrisy for their trying to maintain a meager C and R fee.

IDk if it is deliberate or not, but that continual accusations of hypocrisy discredit appraisers-what effect did you think it would have?

IDK how long someone can be in business for themselves and still object to the reality that everyone involved will always act in their own interests. You went solo in furtherance of your own interests - nobody else's. What gives you the moral standing to criticize the lenders for doing the same (within the context of what the law allows)?

At whatever point these lenders think they can get by on 90% of their deals without an appraisal then that is how they're going to proceed. Most of us will not remain in the appraisal business after that outcome settles in.