GSE Waiver & Data Collection Data

[glenn walker]

Since when have appraisers ever been oh-so-concerned about what the borrowers did and didn't understand about appraisals? Appraisers are *required to disclose in the report* what they did/didn't do WRT an inspection. Anyone who doesn't read the report might come to the wrong conclusion but if so that's entirely on them.

If the lender has the right to engage and use these assignments then it is what it is. If they get sued for the bundled fee then they get what they get; no appraiser is going to sympathize with them. And that includes me.

Meanwhile, the appraiser's discretion occurs at the time of engagement: accept or decline.

E & O Providers have all but dropped Racial Accusation Coverage to a bare minimum which is worthless.

The clients and lender's don't want appraisers in houses anymore because
of Racial Lawsuits.

The data inspectors aren't part of the final value the appraisers are. Therefore the borrowers or buyer's can't claim a White Appraiser was biased, because there were no appraisers in or on the property. This protects both the Lenders and Appraisers from racial biase lawsuit's.

This was created during the racially charged lawsuit's period. HUD was involved with the concept.

 

[George Hatch]

Why are you goading people and denigrating appraisers and repeating the GSE talking points? wrt it is what it is - , lousy things are what they are - terrible. We've seen plenty of it in lending, GSE decisions, and in valuation. We know about accepting and declining, at the time of engagement, why keep stating the obvious?
The field is being destroyed and decimated one piece at a time and this one more piece. That is why concerned appraisers are posting. It might not help to post it, but it is at least teh truth.

Appraisers did not have to be "concerned" about what borrowers understood wrt the inspection because we were doing the inspection.

Your tone policing doesn't work on me.

If I say stupid things then I expect to be checked on them. You should expect the same in return. This is a roomful of appraisers, not a roomful of brokers.

The real reason this is a problem for you isn't because of the liability or the public trust. It's because the fee that goes with however long it takes to perform a desktop is less than the fee that goes with the assignment that includes 2+ more hours of driving and fieldwork. And in a declining market for appraisal services the appraisers need every billable hour they can get.

 

[J Grant]

E & O Providers have all but dropped Racial Accusation Coverage to a bare minimum which is worthless.

The clients and lender's don't want appraisers in houses anymore because
of Racial Lawsuits.

The data inspectors aren't part of the final value the appraisers are. Therefore the borrowers or buyer's can't claim a White Appraiser was biased, because there were no appraisers in or on the property. This protects both the Lenders and Appraisers from racial biase lawsuit's.

This was created during the racially charged lawsuit's period. HUD was involved with the concept.

The DEI train has left the station with Trump, and nobody cares about it anymore, and the general public does not think that appraisers are racist, and if a borrower assumes that, they would make the same assumption about a PDC collector who is part of the same system .

A PDC collector not having any taint was a talking point seized on by the GSE; to rationalize the greed behind using non-licensed PDC collectors, thanks so much for spreading their talking point. .

IF a PDC collector is white and a minority borrower has it in their head to sue because the value is low they will do it anyway.UF a

 

[George Hatch]

The DEI train has left the station with Trump, and nobody cares about it anymore, and the general public does not think that appraisers are racist, and if a borrower assumes that, they would make the same assumption about a PDC collector who is part of the same system .

A PDC collector not having any taint was a talking point seized on by the GSE; to rationalize the greed behind using non-licensed PDC collectors, thanks so much for spreading their talking point. .

IF a PDC collector is white and a minority borrower has it in their head to sue because the value is low they will do it anyway.UF a

Completely right, except I fully expect the DEI train and the transformer freakshow to come back as a double decker the next time we elect a liberal into office. EOs work both ways.

 

[glenn walker]

The DEI train has left the station with Trump, and nobody cares about it anymore, and the general public does not think that appraisers are racist, and if a borrower assumes that, they would make the same assumption about a PDC collector who is part of the same system .

A PDC collector not having any taint was a talking point seized on by the GSE; to rationalize the greed behind using non-licensed PDC collectors, thanks so much for spreading their talking point. .

IF a PDC collector is white and a minority borrower has it in their head to sue because the value is low they will do it anyway.UF a

Your missing the point. The Lender can't be sued for a PDC inspector he's not doing the appraisal.

The appraisers E & O Carrier is insuring the licensed appraiser, not the PDC inspectors actions.

The borrowers actions against a PDC inspector would be personal not based on the racial Undervaluation $200,000.

 

[glenn walker]

The Unlicensed PDC guy has almost zero liability compared to the licensed and insured appraisers.

 

[Surf Cat]

Asked this to Perplexity.AI....

Have there been reports of homeowners being concerned about a property data collector inspecting their property instead of an appraiser?

Homeowner Concerns About Property Data Collectors​

Overview


There have been documented concerns from homeowners and real estate professionals regarding the use of property data collectors (PDCs) instead of licensed appraisers for property inspections. These concerns focus on issues of safety, data privacy, professionalism, and the quality of data collected.


Key Concerns Reported

• Safety and Privacy: Homeowners and industry professionals have expressed apprehension about unlicensed individuals entering homes. A 2023 survey by the National Association of Realtors (NAR) found that 51% of respondents had safety concerns about property data collectors, and 65% were worried about data privacy—specifically, what happens to the photos, videos, and floorplan data after collection6.
• Professionalism and Oversight: Unlike appraisers, property data collectors are often not licensed or regulated. There are no federal or state regulations governing their conduct in most cases, and background check requirements can vary. This lack of oversight means consumers cannot always assume a minimum level of professionalism56.
• Transparency and Disclosure: The same NAR survey reported that 63% of respondents were not made aware of any third-party privacy policies or disclosures when a data collector was involved6.
• Impersonation and Misunderstanding: About 30% of respondents said a data collector gave the impression they were the appraiser or had a more significant role than simply collecting data, leading to confusion for homeowners expecting a licensed appraiser6.
• Quality of Data: 76% of NAR survey participants perceived the quality of data collected by PDCs as lower than that collected by appraisers, raising concerns about the accuracy and reliability of the property information used in lending decisions68.

Advice for Homeowners


Homeowners are encouraged to:

• Ask their lender whether a property data collector or an appraiser will inspect their property.
• Inquire about background checks and privacy policies for data collectors.
• Accompany the data collector during the inspection and request copies of any media taken5.

Industry Response


Some states and industry groups are pushing for regulations to address these concerns, including potential licensing requirements for property data collectors6.

Conclusion

Yes, there have been significant reports and survey data indicating that homeowners and real estate professionals are concerned about property data collectors inspecting properties instead of licensed appraisers, primarily due to issues of safety, privacy, professionalism, and data quality.

Lenders; Suck it up homeowners.....our money (unless it all crashes....then it's your money) our way.

 

[Surf Cat]

The Unlicensed PDC guy has almost zero liability compared to the licensed and insured appraisers.

I've stated it before.... the better deal ( at least here in Cali) seems to be the PDC. Sure, you only get 50 bucks.... but photograph 3 homes in a day, you've equaled the pay for the report side.... with no liability on your shoulders. That seems the way to go.

 

[glenn walker]

I've stated it before.... the better deal ( at least here in Cali) seems to be the PDC. Sure, you only get 50 bucks.... but photograph 3 homes in a day, you've equaled the pay for the report side.... with no liability on your shoulders. That seems the way to go.

I think it will end up with PDC at say $100.00 to $125.00 and the Appraiser at $200.00.

In California at high gas and auto insurance and vehicles, the appraisers in theory wouldn't need a car and a E Bike just to goof around on. If the spouse has a real job, then maybe 1 car versus 2 in the family. In reality appraisers lifes would be a lot better driving less.

 

[George Hatch]

If I were doing these inspections I wouldn't get too far into them because the drones are coming.

There's a blurb going around that AI-4-Prn is advancing so rapidly that the owner of OnlyFans is looking to sell before AI-Becky puts IRL-Becky out of business.