GSE Waiver & Data Collection Data

[Joe Flacco]

You have to see what is coming and figure out where you fit or if you even still have a place.

Personally, I think being skilled at interpreting real estate data with traditional methods has a lot of value. Increasingly so as more and more people, and anyone new coming in relies on automated adjustments.

 

[Terrel L. Shields]

Can't use a trainee that at least has accountability to the appraiser.

That is the insanity of it. They want more appraisers but won't let trainees get the valuable training they need. How many appraisers have been sanctioned or have a license revoked for signing they inspected but it was a trainee. Too many for sure. You lied. But if it is unacceptable, then why are they even contemplating hybrid reports? And why, if a hybrid is so all fired important, would you not want the appraiser's trainee to gain experience by doing the inspection and doing it correctly? And necessarily doing it full fee. All the hybrid does is give the AMC an excuse to slash fees while pocketing the surplus themselves and doing so with the blessing of FNMA.

I'm sorry. I call BS on those who claim they do drive-bys and hybrids and dictate the fee to the AMC. Don't try to gaslight me. You do them at their price or you don't do them at all.

 

[Justinjla]

Justin, does it not cross anybody’s mind that there is fundamentally something wrong with having non-appraisers perform appraisal services just because it’s cheaper to do so?

Just because state boards have been threatened to the point where they’re scared to death to do anything does it mean it should be permitted?

The free market drives the price. That's not something we dictate or have influence on.

Honest question for you because I'm interested in hearing your perspective. What do you think is so challenging about collecting factual data at a property? Please leave the emotion and personal attacks out of it. I really would like to know why you think a trained person, with a standardized set of objective questions, cannot accurately capture data at a property.

 

[NC Appraising]

Justin, does it not cross anybody’s mind that there is fundamentally something wrong with having non-appraisers perform appraisal services just because it’s cheaper to do so?

Just because state boards have been threatened to the point where they’re scared to death to do anything does it mean it should be permitted?

What's next....hiring a home inspector then you find out they sent a re agent to take photos and they did the report from their desk.

For me it's not about liability.

It's about a few companies dominating the market. We all know who they are


My best client, which is a large direct client, uses me for traditional 1004s. They send all PCRs and hybrids to two outside companies. AMCs.

It's not about getting rid of appraisers. It is about dramatically reducing the number of appraisers. That's what hybrids will do.

Play on words.

If hybrids were to be used for 70% ltv and for emergency purposes, covid. Most appraisers would not have a problem with it.

 

[ucbruin]

"How many appraisers have been sanctioned or have a license revoked for signing they inspected but it was a trainee. Too many for sure. You lied."


 I'm surprised you condone lying....

 

[shrubberyvaluation]

The free market drives the price. That's not something we dictate or have influence on.

Honest question for you because I'm interested in hearing your perspective. What do you think is so challenging about collecting factual data at a property? Please leave the emotion and personal attacks out of it. I really would like to know why you think a trained person, with a standardized set of objective questions, cannot accurately capture data at a property.

I can tell you when I started out there were many things I missed or didn't know to look for at first. There are market specific features or externalities sometimes that matter, you can't have a question to cover everything on your list, and in detail. I can tell you meeting many real estate agents, which many PDC are I hear, miss a lot of things that they are not trained to look for, as its not as relevant to their job. And its not the most experienced agents doing PDC for $25. Just like I don't see certain things that are not relevant to my appraisal. Why have doctors when we can just give a list of things for a person to look for without any experience?

Aside from how challenging it is, there is also the fact that without much if any liability there is little incentive to do a good job for a PDC. Why does it matter to them if the information is accurate? They do a bad job, you just blame the appraiser with E&O.

Had an agent last week that brought up the subject of PDCs and said he had one recently and was not happy with it. Now granted, I don't know if this means they did a bad job or the appraisal didn't come in at contract price, or something else, as I tend to just listen and not comment on such things not related to gathering information for my job.

 

[Non Sequitur]

The free market drives the price. That's not something we dictate or have influence on.

The fact still remains, appraisers are not in the PDC game because the fees are too low to make money. Never mind that sending trainees out to preform PDCs is a joke because the supervisor appraiser has to supervise and is still liable for what the trainee does for a $20-50 assignment.

 

[chad hampton]

The free market drives the price. That's not something we dictate or have influence on.

Honest question for you because I'm interested in hearing your perspective. What do you think is so challenging about collecting factual data at a property? Please leave the emotion and personal attacks out of it. I really would like to know why you think a trained person, with a standardized set of objective questions, cannot accurately capture data at a property.

Appraisers develop a lot of opinions during their site visit. That’s why appraisers are uniquely trained to determine the relevant property characteristics of a property as they pertain the value. Stating that all you do is collect data at a house is another fallacy that has been pushed in the creation of this new position called PDC.

 

[chad hampton]

What's next....hiring a home inspector then you find out they sent a re agent to take photos and they did the report from their desk.

For me it's not about liability.

It's about a few companies dominating the market. We all know who they are


My best client, which is a large direct client, uses me for traditional 1004s. They send all PCRs and hybrids to two outside companies. AMCs.

It's not about getting rid of appraisers. It is about dramatically reducing the number of appraisers. That's what hybrids will do.

Play on words.

If hybrids were to be used for 70% ltv and for emergency purposes, covid. Most appraisers would not have a problem with it.

Correct, appraisal fees aren’t a free market. To say the free market dictates the price is simply incorrect.

 

[shrubberyvaluation]

As far as the free market goes FNMA choosing to work with disreputable lenders and/or AMCs plays a factor.

Fastapp AMC recently got exposed for selecting only appraisers that would rubber stamp an appraisal with the contract price. Fastapp last time I checked has over 70 lenders working with them. Does FNMA play any part in blacklisting these types of AMCs or lenders that use them?

If FNMA is backstopping lenders using phony appraisals that is influencing the so called free market.

Am I supposed to not adhere to ethics to compete in the free market? FNMA is backstopped by the government, and if they are backstopping lenders with unethical practices that is warping the free market to unethical appraiser and unethical appraisers can complete 30 minute reports when the market is demanding rubber stamps over thorough analysis and reporting.

If you consider people like Bernie Madoff and Sam Bankman-Friedman people you have to compete with because its the free market there is a problem.