GSE Waiver & Data Collection Data

[Surf Cat]

They don't want to pay $1000 fees for Fernando's SFR reports ever again.

I can't help but wonder what a Fernando $1,000 report would look like....

 

[Mejappz]

I can't help but wonder what a Fernando $1,000 report would look like....

The borrower will continue to pay the AMC a fee of $1,000, which the AMC will assert is the cost of the appraisal, regardless of whether it is a hybrid or a full 1004.

 

[glenn walker]

I can't help but wonder what a Fernando $1,000 report would look like....

The same as his $350.00 report. Bare basic as it gets.

His philosophy is let lender or reviewer find his mistakes and then quickly fix them. He's said this many times over the year's. But he's smart as he always stays on AMC Panels, because he always delivers the Bulls Eye.

From a purely AMC business model his method does work, and that's why he got those $1,000 fees. Gump knows how the system operates, you can't take that from him . That's why he's DBA Calculated Real Estate Solutions...Lol

 

[George Hatch]

Based on my mentor doing these...I completely disagree. At least here in CA.

If a full appraisal is going for $500 from an AMC (on a good day) less 25% would be $375. The AMC's believe the "analysis and opinions" can be formulated in an hour. Thus, only willing to dole out $125. So no, they are not willing to pay a higher rate for the analysis.

Correct me if I'm wrong, but you appear to agree with the AMC's or the lenders as you always say, that the inspection, is a unnecessary part of the appraisal process.

The observations I'm making are

• 100% of the whatever personal inspection requirement there are for an assignment are defined by the user. Not by our minimum appraisal standards. That has always been the case.
• For these assignments the lenders apparently don't think personal inspection by the appraiser adds enough to the outcome to pay them the same hourly rate for that function that they pay for the analyses, opinions and conclusions
  • and
• For these assignments the lenders also apparently don't think that it's worth *any dollars at all* to them to pay an appraiser to drive the comps so nobody is performing that function at all, either.

Now the lenders might be wrong about their expectations for how much is enough. Bad deals are made during good times, right? But the point remains is that it is the user who decides what add-ons are sufficient for their needs. (add-ons beyond our minimums, that is).

As for me, my feelings don't enter into their considerations so it doesn't matter to them or to anyone else how I feel about it. But I do know how to read, and I do know what these words mean.

 

[George Hatch]

If the appraisers refused to budge on fees - for example, fee for a full appraisal is $550 and the hybrid fee offered for the analyis appraisal is $350- and appraisers said $550 or we wont; do it, the hybrid model would disappear from the fee appraiser realm- because a lender or dlient wold have to pay extra. It probably won't happen. Instead, more appraisers will go out of business

IF an AMC offers $125 to the PDC collector, the AMC needs to tack on a profit, so the AMC will take $200 from the appraisal fee ( and they will also take a portion off the destkp portion so the fee from an AMC fr it will be closer to $250- $300 and not $350)

Anyone can see how this is yet another loss of income (and control) to an already afflicted profession. The reps here trying to normalize it goes over as well as a rapist sending flowers to a victim with anote about how awesome it was.

The appraiser is spending fewer billable hours on these assignments, so they are getting paid for fewer billable hours. Meaning, they are making a lot less per assignment for these. Obviously. This is a spectacularly insightful response to an argument nobody made.

The appraiser retains full control over the actions they actually perform - including the extent to which they train and supervise a trainee or subordinate. That hasn't changed.
The appraiser has zero control over the actions they don't perform. That hasn't changed
The appraiser has zero control over the accuracy of any outside data source they are using, including the information in these PDRs.

The AMCs probably will make more money managing 2 assignments instead of just 1. Whether the lenders or the borrowers end up saving any money has yet to be demonstrated. At these volumes. But 5 years from now when the number of appraisers might be lower the math on this program could possibly end up looking a lot different. Or not. So what's happening in 2025 isn't necessarily disprove the long term economic viability of the program.

MAYBE these lenders and the GSEs are taking a long term view of the appraiser productivity hours. I don't know if that's the case but it is a possibility. It doesn't take much imagination to envision such a future where the appraisers have the upper hand in the supply/demand dynamic, and this would be one way to mitigate the effects of the rise of the appraiser.

 

[George Hatch]

I can't help but wonder what a Fernando $1,000 report would look like....

Same as a Fernando $300 report looks like. They only paid because they didn't have any better options at the time. Not because Fernando was doing anything different.

 

[glenn walker]

From a time management situation one could surmise, that if one persons doing the inspection, and the appraiser doing the valuation portion at say 3 hours each.

On a $50 per hour flat rate the appraisers at $150.00 and at $30 for inspectors we have $90. For a total of $240.00 the entire appraisal report can be completed and delivered to the client's.

The positive time wise, is the appraiser doesn't need to leave his home, he's free to do appraisals all day and night and even on weekends. No schedule conflicts.

Unfortunate but the lenders will need 2/3rds less appraisers, but need to train thousands of inspectors who work 7 days a week, delivering their inspections, so the desk appraisers can finish a minimum of 4 per day.

The high volume hybrid appraisers can make $600.00 per day in their pajamas without even needing a car or gas or wasting time driving around. Just like any factory., the assembly line approach, makes it much faster and cheaper to operate.

 

[George Hatch]

They don't want to pay an analyst type to set out on casual and relaxed sightseeing tours every day. They want their analysts in front of a computer screen for 8-10 hours a day with (1) 60 minute lunch and (2) 15min breaks. Eating lunch out of a refrigerator in the break room.

Anyone who has ever worked on staff has seen how the office workers look at appraisers coming and going, seemingly at will all day long. Come in late "because they had a morning inspection". Leave at noon "because they had an afternoon inspection". Clipping the appraisers' wings and getting more reports out of them for the same amount of pay is going to be a very attractive proposition to the bean counter types.

 

[glenn walker]

They don't want to pay an analyst type to set out on casual and relaxed sightseeing tours every day. They want their analysts in front of a computer screen for 8-10 hours a day with (1) 60 minute lunch and (2) 15min breaks. Eating lunch out of a refrigerator in the break room.

Anyone who has ever worked on staff has seen how the office workers look at appraisers coming and going, seemingly at will all day long. Come in late "because they had a morning inspection". Leave at noon "because they had an afternoon inspection". Clipping the appraisers' wings and getting more reports out of them for the same amount of pay is going to be a very attractive proposition to the bean counter types.

We all wasted hours per day F ing around and that's why people became appraisers and Realtors.

Nothing wrong as long as you can pull it off. The problem is it got harder to be a Cowboy on the free range, and the Ranch Owners realized, we could be doing more productive things. Lol

 

[J Grant]

T

From a time management situation one could surmise, that if one persons doing the inspection, and the appraiser doing the valuation portion at say 3 hours each.

On a $50 per hour flat rate the appraisers at $150.00 and at $30 for inspectors we have $90. For a total of $240.00 the entire appraisal report can be completed and delivered to the client's.

The positive time wise, is the appraiser doesn't need to leave his home, he's free to do appraisals all day and night and even on weekends. No schedule conflicts.

Unfortunate but the lenders will need 2/3rds less appraisers, but need to train thousands of inspectors who work 7 days a week, delivering their inspections, so the desk appraisers can finish a minimum of 4 per day.

The high volume hybrid appraisers can make $600.00 per day in their pajamas without even needing a car or gas or wasting time driving around. Just like any factory., the assembly line approach, makes it much faster and cheaper to operate.

What idiots would want to do that kind of rapid pace stressful work for low pay just to be in the appraisal "professon" Who would do it - losers . Nobody with any brains would do it.