residentialguy
Elite Member
- Joined
- Mar 24, 2009
- Professional Status
- Certified Residential Appraiser
- State
- Minnesota
Welcome skippies... DOGE just opened the door for you. They rescinded mar 19th mort letter. DE slashes review, ROVs or 2nd appraisals.
Woody Fincham summed it up nicely:
Even if an appraisal is widely acknowledged to be flawed but is not
factually erroneous, a second appraisal is not permitted.
Even if an underwriter identifies an obvious valuation issue, they can no longer initiate a review on their own—eliminating an important quality control measure.
Lenders are no longer required to proactively monitor appraisal quality, leaving more room for poor valuation practices to persist unchecked.
A mortgagee review of an appraisal is required, but without clear steps for escalation, underwriters have less power to push back against questionable valuations.
Appraisal accuracy concerns now fall under slower and less predictable enforcement mechanisms, making real-time corrections even harder to achieve.
Garbage in garbage out.
Woody Fincham summed it up nicely:
Even if an appraisal is widely acknowledged to be flawed but is not
factually erroneous, a second appraisal is not permitted.
Even if an underwriter identifies an obvious valuation issue, they can no longer initiate a review on their own—eliminating an important quality control measure.
Lenders are no longer required to proactively monitor appraisal quality, leaving more room for poor valuation practices to persist unchecked.
A mortgagee review of an appraisal is required, but without clear steps for escalation, underwriters have less power to push back against questionable valuations.
Appraisal accuracy concerns now fall under slower and less predictable enforcement mechanisms, making real-time corrections even harder to achieve.
Garbage in garbage out.
