Hybrid Appraisals

[J Grant]

That's the thing, we don't see "at the loss of so much else". We do not see increased risk with hybrid appraisals based on the 300k+ we have to analyze. And yes, we've compared them to traditional appraisals we have on the same properties. If we can create a more efficient process without increasing the risk of the loan, why would we not embrace that, especially during high volume markets?

We monitor all valuation types very closely many different ways. If we see increased risk, we adjust to mitigate it and that would include shutting a program down if it couldn’t be mitigated.

YOU don't see increaxed risk, but WE do, and we are appraisers stuck with it. And or us, it is about decreased credibility and our own reliance on 3rd party info being denied our own inspection when we are the ones stuck with the value for five years or longer

The argument GSEs mount is about THEIR risk, not the investors' risk, not the borrowers' risk, not the risk to the appraisal profession. The appraiser is who they are because of a combination and integration of field experience and data analysis, not one or the other alone - which will happen after a new generation gets fast food cut up version of assignments

Wrt to "Risk" - What does it see on the top of a URAR for, as the purpose of the appraisal? To form an opinion for of market value for lending purposes- a front-end value purpose, not a back-end risk purpose that you tack on .

 

[J Grant]

It'll get me out of the house....
I'll get a little bit of money to pay for my streaming services....
Side hustle money is all I want....
If I don't have to have a license or insurance then maybe I don't deserve or expect "professional" income....

I get it big whoop, some dinky side income. You can get that with INSTA CART. It is not a good rationale for destroying and decimating a profession - IMO

 

[Surf Cat]

It'll get me out of the house....
I'll get a little bit of money to pay for my streaming services....
Side hustle money is all I want....
If I don't have to have a license or insurance then maybe I don't deserve or expect "professional" income....

I think as long as you have a hard stop radius, you'll be fine. I wouldn't be doing these past 20-25 miles....

Send a direct message to TC. Get all the 411 from him.... he does these I believe.

 

[George Hatch]

Sure for the PDC side, just don't let them know you are an appraiser.

100% correct. Because on that day and in that role the individual is not acting as an appraiser. There's no discretion involved.

 

[Surf Cat]

100% correct. Because on that day and in that role the individual is not acting as an appraiser. There's no discretion involved.

View attachment 98775

But it's not a valuation service.....oh, wait..

 

[George Hatch]

your usually bland answer - a funcin of WHAT market? The taxpayers and investors back stop these products and the only market that profits off faster cheaper and fast food cut up assignments are the AMC profiteers.

To all but the most venal or out to lunch there is more in play than just "market function "-

Obtuse much?
The marketplace for appraisal services. The buyers and sellers of appraisal services.

Not the grocery store or the stock market.

There's no point in blaming the AMCs for the purchasing decisions of the lenders. The AMCs are just brokers in that marketplace. They're not the buyer and they're not the user. Same as RE brokers or stock brokers or yacht brokers.

 

[J Grant]

It'll get me out of the house....
I'll get a little bit of money to pay for my streaming services....
Side hustle money is all I want....
If I don't have to have a license or insurance then maybe I don't deserve or expect "professional" income....

If you drop your appraisal, you are just another warm body putting in a fee quote for a PDC to the AMC 's who will assign them. If Sally the RE broker quotes $50 vs your fee of $75- $100, Sally gets the order.

 

[ucbruin]

I get it big whoop, some dinky side income. You can get that with INSTA CART. It is not a good rationale for destroying and decimating a profession - IMO

I don't want to greet people entering WalMart....
Dinky to you but maybe not dinky to me....
You (or anyone) send me $200/per week every week and I promise not to decimate the industry....

 

[Justinjla]

You don't dictate, but you put your hand on the scale based on who you partner with.

I addressed this in a previous post, but I will do it again. YOU can hire a bunch of trainees to do PDCs. You would go through the same vetting process every other company does. Once you are through that process, you can start receiving orders and doing PDCs with those trainees. Send me a message and I can get you started on Monday.

As far as efficiency, if you don't see a risk difference, why require driving by the comps since there is no risk difference (comps not inspected in hybrids with no increase in risk). This would increase efficiency of the traditional product. Is this not something you would embrace during a high volume market?

It seems laser focused on this one program for reasons not related and then rationalizing why its not any riskier.

Also for efficiency why not make the scope less for the traditional product rather than more?

I’m in favor of removing that requirement given the technology, photography and prevalence of available data today. The current 1004 form language doesn’t give us much flexibility there, but the new UAD does.

 

[ucbruin]

If you drop your appraisal, you are just another warm body putting in a fee quote for a PDC to the AMC 's who will assign them. If Sally the RE broker quotes $50 vs your fee of $75- $100, Sally gets the order.

Even stinking Sally doesn't want to do Instacart....