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GSE Waiver & Data Collection Data

DWiley said:
Actually, that is pretty rare. The majority are agents.
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Justin just said earlier in the thread that home inspectors were among the groups that were part of the testing. The point remains, just because someone called for 2x the inspections and/or repairs doesn't mean they're more right. Just like the higher appraisal isn't always more right. No doubt some appraisers point the camera away to keep their client happy and avoid the stip, but really neither of the GSEs have been messaging hard to appraisers to call for more repairs. That makes me think it is less of a risk issue and more of a metric that supports your objectives. I'm sure you can see how I get to that conclusion.

In terms of repurchase risk, the few we have gotten from Freddie were resolved and they were not value-related. Missing door block on a sliding door to nowhere. One where there was no 1004D in the loan file. Fannie is not pushing back repurchases for these issues. They are doing desk reviews on high CU scores.
 
shrubberyvaluation said:
And I'd imagine these are not the top performing agents, more likely new agents or agents that can't make sales.
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Re agents doing pcr....bunch of hypocrites....

These are the same agents that hides the home inspection findings structural issues from the lender and the appraiser...happens all of the time.

Last year I called out repairs for a conventional loan. The re agent went all Karen on me.

The same agents that gets appraisers off the rotation for calling out repairs and for coming in low are doing pcrs.

What about re agents where their firm has listings or are the buyers agent. Conflict of interest...

But then again, the pcr requires 20x more pics....so in theory yes, harder to hide things. Require us to do the same..I bet it would almost equal out.
 
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Forgot....were not some blaming or accusing appraisers for calling out repairs just to make some extra money on 1004ds? Geez.

That being said, yes there are some POS appraisers that would never report any issues.

Just imagine this....all of this would have have been solved 30 years ago if the gses would have ordered the appraisal and would have been the client.
 
An associate of mine tried to do these hybrid deals. He was tired of driving the highways and byways of Los Angeles and hybrids were his golden ticket. No, he didn't have a team, it was just him. The AMC agent convinced him that he could do an appraisal an hour.

The hybrid form is just a 1004 with different certifications. The property data collector frequently mis-measured the property. Per the AMC, he had to use the pdc's measurement, which was off from public records and or the assessor's site. This caused bracketing issues as the mismeasured home was the anomaly of the neighborhood.

There was no way to contact the property data collector. He had to contact the AMC to clarify issues and conflicts with public records and past MLS listings.

After discovering there was no way to do three to four appraisals a day, my associate friend's dreams of working in the comfort of his home, were dashed.

Most importantly, was his realization that the inspection is everything. He never felt sure and solid on his hybrid opinions of value.

To be fair, this is when they first came out. I don't know if it's changed much as I've never done one.
 
Justinjla said:
We tested property data collection for seven years. We tested it with appraisers, insurance inspectors, realtors, and several other workforces. We observed similar results across all workforces. That is because of the standardized, objective nature of the data standard, and also a testament to the intuitive technology that is used to collect the data. We have received over 350,000 PDC’s to date, and we have compared that data to data we see in appraisals on the same properties. By every objective measure we have, it compares very favorably. Additionally, we have received over 250,000 hybrid appraisals that used a PDC. We have compared those appraisals to traditional appraisals on the same properties and again, they compare very favorably. If you have not seen what a PDC looks like, I encourage you to look at one. It’s more comprehensive than any inspection I ever did as an appraiser. While we do not control what vendors charge or pay, I am not aware of anyone paying $25 for a GSE Uniform Property Dataset. Make sure you are not confusing it with lesser scope data collections or inspections typically used for servicing scenarios.
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If these products compare "favorably" does that mean "superior?" Otherwise, why are they needed. Currently, it is being used to circumvent the appraisal fee. That is the only real statement that is important to me. Personally, I would trust my value on any property I inspected over PDR no matter how many pictures are provided. As far as Aloft goes, I watched their video and there was not science to assign Q ratings, basically guess work.
 
Surf Cat said:
After discovering there was no way to do three to four appraisals a day, my associate friend's dreams of working in the comfort of his home, were dashed.
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Shhhh. There are some who think $75k to $135k sitting at home is real.
 
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