GSE Waiver & Data Collection Data

[Non Sequitur]

Will this trickle down?

Fannie, Freddie board members ousted in sudden, surprising move - Scotsman Guide

Bill Pulte takes over as FHFA director, replaces board members at Fannie Mae and Freddie Mac, and outlines his vision to 'Make Mortgages Great Again

www.scotsmanguide.com

Late Monday, regulatory filings showed that Pulte ousted 14 board members at the two companies and appointed himself as chairman. He also named replacements for some of the board members who were removed. No reasons were given for the firings.

 

[shrubberyvaluation]

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.

Wow the AMC forced him to use data that was incorrect. I'm sure FNMA cut off that AMC....not! A valued partner I'm sure. Sometimes a house is different than public records, hopefully it was based on the visuals that it was wrong.

 

[shrubberyvaluation]

Shhhh. There are some who think $75k to $135k sitting at home is real.

It is, you just have to work for FNMA.

 

[shrubberyvaluation]

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.

Sounds like, at least one of the reasons, they are claiming is more repairs called out and closer to what they want the condition rating to be. I remember they used to claim it would help remove bias, but that was an even more obvious attempt for a fake reason to push it through.

I'm sure they didn't go out and measure the homes for "accuracy" I guess that probably doesnt matter.

 

[shrubberyvaluation]

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.

Why are they needed? Perhaps to make it harder for an appraiser since he is getting information from someone he doesn't know. Meanwhile the appraiser is told they need to trust the source and the AMC tells the appraiser they have to use their source even if they have contradictory or more reliable sources. Appraiser takes all of the liability. Can't use a trainee that at least has accountability to the appraiser.

It doesn't pass the smell test that someone whose training is using the app on their own house is some sort of super expert twice as good as an appraiser.

 

[Zoe]

Actually, that is pretty rare. The majority are agents.

That don't concern you at all? Think of legal bias.

 

[chad hampton]

Don’t see the issue with agents performing appraisal services. Not like they have a vested interest in keeping neighborhood values high when I think unbiased and impartial, RE agent one of the first professions that comes to mind.

 

[ucbruin]

Would anyone like Elon to eliminate mortgage GSEs....

 

[CGinMN]

Shhhh. There are some who think $75k to $135k sitting at home is real.

It is. You just have to work for Fannie/Freddie.

 

[DWiley]

The point remains, just because someone called for 2x the inspections and/or repairs doesn't mean they're more right.

Property data collectors only observe and report. They don't call for repairs or report a condition rating. Appraisers call for repairs/inspections, based either on their personal inspections or review of a property data report.

What the data shows is that when the appraiser relies on a property data report, the condition rating (of the appraiser) is more likely to match the actual definitions of the ratings, and there is a significant reduction in (the appraiser) missing repairs/inspections that should be called out.

If one looks at a property data report done in accordance with the UPD, its pretty easy to see why this would be the case. The PDR has far more information than most appraisers have in their field notes. As I said before, if I was still in the field I would be look at the data collection apps for use as an appraiser.