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

[Bill75]

College degree or no college degree, the real estate appraiser is just not a valued commodity.

We are going the way of record or compact disc sales. The shift from physical to digital distribution. After the arrival of the Apple iPod, physical music sales declined by more than 60%.

The PAREA appraiser or whatever takes over from the old school ways, is going to be nothing more than a glorified PDC. Taking photos and doing a measurement.... Maybe checking the boxes on a one-page form. The decision of value will be decided via AVM's and Collateral Underwriter by the lender. CU will also go the way of the dinosaur as appraisals done the old school way will have ceased and it'll no longer be relevant.

The appraisers here on this board, right now, are the antithesis of the tip of the sword..... we are the butt of the hilt.

So what happens when they get it wrong and there is another housing crash due to these inept valuations?

 

[Essexfenwick]

It’s getting to be like pre-license era. The license becoming meaningless the mortgage work outside complex will be eliminated and the SRA /MAI being required for the remaining legal and complex work. The Appraisal Institute is all for this.

Perception is reality. The general public still believes a college degree means something. Tradespeople are different because they involve manual labor. Appraisal is considered somewhat brainwork and just a watered down license/cert going to be perceived as not so great.

 

[jay trotta]

So what happens when they get it wrong and there is another housing crash due to these inept valuations?

I will agree with SC......in response to your "Q" - well they got it wrong after 2008, and by that, IMO they just threw $$$$$$$ at it, and the Lending/Stakeholder community thought it was just fine.

Fast forward, if they can get rid of the appraisers (pre-existing, cause they're Fed. Certified) they have a full tilt boogie (control of the housing & lending market) and No one as a check & balance system. They want Total Control, and Congress and others are enabling them. Pssst, they will eventually just pass a Bill to do what they want, oh and that's in th e public interest

Just my $.02 worth

 

[Zoe]

So what happens when they get it wrong and there is another housing crash due to these inept valuations?

Good question..........You know that will come. It always does.

 

[Zoe]

It’s getting to be like pre-license era. The license becoming meaningless the mortgage work outside complex will be eliminated and the SRA /MAI being required for the remaining legal and complex work. The Appraisal Institute is all for this.

Well, let's say they are not against it.

There is an old saying that goes something like, "if your not for it, then your against it".

Another saying says "a house divided against itself will fall".

Money is involved here. Money is not the root of all evil. The "love of money is the root of all evil".

 

[Zoe]

Okay, I back track. Think of how unions and management each have their own interests. They are not a house divided against each other. They each have their own house and each represent their own house. They have to work together or one house will fall.

 

[Zoe]

So what happens when they get it wrong and there is another housing crash due to these inept valuations?

Back to you Sir. It will happen. You can bank on it.

 

[George Hatch]

So what happens when they get it wrong and there is another housing crash due to these inept valuations?

I will agree with SC......in response to your "Q" - well they got it wrong after 2008, and by that, IMO they just threw $$$$$$$ at it, and the Lending/Stakeholder community thought it was just fine.

Fast forward, if they can get rid of the appraisers (pre-existing, cause they're Fed. Certified) they have a full tilt boogie (control of the housing & lending market) and No one as a check & balance system. They want Total Control, and Congress and others are enabling them. Pssst, they will eventually just pass a Bill to do what they want, oh and that's in th e public interest

Just my $.02 worth

Probably a majority of the (still practicing) regulars on this forum do AMC work. Do you think we have reason to assume there has been a high percentage of grossly overvalued appraisals that's more/less specific to the AMC assignments?

There's another thread going right now that's complaining about reviewers doing too much. All of the "racial bias" cases are alleging a gross undervaluation and it appears all or almost all of them were AMC assignments. Additionally, one of the value-related complaints about appraisals that is making the rounds right now is that appraisers have been refusing to make market conditions adjustments even though they're noting increasing value trends in their neighborhood analyses. How do these factors square up with an assumption that the low cost appraisers have been grossly overvaluing properties? That is, doing so much more often than the non-AMC assignments.

In theory, an appraisal report can contain spelling errors and cutting corners in the analysis and other shortcuts and sloppiness without posing a significant risk of a gross overvaluation. "Sloppy" can also be "overvalued", but sometimes sloppy will just be sloppy. Assuming appraisers always do less when the fee is lower than they do when the fees are higher.

 

[Zoe]

Probably a majority of the (still practicing) regulars on this forum do AMC work. Do you think we have reason to assume there has been a high percentage of grossly overvalued appraisals that's more/less specific to the AMC assignments?

There's another thread going right now that's complaining about reviewers doing too much.

Don't mix apples with oranges.

Okay, George, can I call you to deliver my mail today for $3.00 or call you to teach my child for $10 an hour today?

 

[djd09]

Housing Collapse Brewing: Top U.S. Mortgage Lender Offers Zero Down Mortgages​

One of the top mortgage lenders in the United States is offering a new program that allows home buyers to put zero percent down on their mortgages.

United Whole Sale Mortgage is offering a new program that will allow first-time home buyers and people earning below or at 80% of an area’s average income to put zero down on their mortgages.

In a statement to Market Watch, chief operating officer of UWM, Melinda Wilner shared, “Homeownership is something we’re very passionate about.”


Previously, UWM offered buyers a rate of as little as 1% down.

Housing Collapse Brewing: Top U.S. Mortgage Lender Offers Zero Down Mortgages | The Gateway Pundit | by Anthony Scott

One of the top mortgage lenders in the United States is offering a new program that allows home buyers to put zero percent down on their mortgages.

www.thegatewaypundit.com

the good ole days are here again...and USPAP will do nothing to stop it...