GSE Waiver & Data Collection Data

[J Grant]

Still can’t believe appraisers 20 years ago were signing petitions to give their businesses away

Appraisers did not sign a petition to give their (our ) business away; we signed a petition to ask regulators to penalize mortgage brokers for pressuring for value. Which would not have been needed had more appraisers not made inflated values in response to the pressure. THAT is what made the third party a buffer with the unforeseen AMC as the buffer happened. Too bad those appraisers didn't say NO to value pressure.

 

[George Hatch]

Still can’t believe appraisers 20 years ago were signing petitions to give their businesses away

Most appraisers at the time were not pet monkeys. But some were.

 

[TC]

I never signed it.

 

[djd09]

Appraisal waivers: The risks and benefits of AI technology in the appraisal process​

One veteran appraiser lets brokers know what to consider when deciding on an appraisal waiver for a property

Technology has entered all parts of the mortgage process, and appraisals are no different. Appraisal waivers have been using data to estimate a property’s value for years. Now, with the onset of AI, the hope is that the process will continue to get more accurate.

However, that doesn’t mean that automated appraisals are going to replace appraisers. Dan Figurski (pictured top), chief appraiser at SingleSource Property Solutions, said they have been reassured by Fannie Mae and Freddie Mac that there will always be a place for the human appraiser.

“From a labor perspective, I'm not sure what that looks like in the future, because the GSEs [government-sponsored enterprises] made it very clear at the Val Expo that appraisers are still needed,” Figurski told Mortgage Professional America. “I think they have a ton of data. They have years of data. Then the biggest question on everyone's mind is, is there a need for us? And then there's AI coming into play. So the waiver piece of it, I'm not sure about what that future looks like, or if that's going to change.”

https://www.mpamag.com/us/mortgage-...AI-technology-in-the-appraisal-process/548919

let the mortgage broker estimate value...what could go wrong

 

[chad hampton]

They have a ton of junk data.

 

[djd09]

Appraisal Waivers Are GIFTS From Fannie Mae; PIWs & PDCs; Appraisal Types​

Two Important Notes​

1. We are getting PIW and PDC designations even when we know an actual appraisal would come in low due to a lack of comparable sales data.
   And

Appraisal Waivers Are GIFTS From Fannie Mae; PIWs & PDCs; Appraisal Types

In what is great news for every agent concerned about low appraisals - we have seen a significant increase in the number of Property Inspection Waivers (PIWs) and Property Data Collection reports (PDCs).

www.jvmlending.com

hitting the lotto...everyday

 

[CGinMN]

 

[Non Sequitur]

"After I posted that blog though, a very prominent consultant who worked with Fannie Mae to set up Hybrids reached out to me to say that many firms are using Hybrids (a PDC combined with a desktop/remote appraisal) with enormous success."

ENORMOUS SUCCESS!

Sellers never stop selling.

 

[Sandra Koutsopoulos]

Who is ordering the appraisal? The post doesn’t make sense to me.

Just speculating here, but could it be the FNMA is seeing bad loan performances on those appraisal-waivered deals? Maybe it turns out that often when they are moving toward foreclosing, they find property was possibly over-valued at loan's inception? And now they want to blame somebody. I suspect even after they close that barn door, they'll find the bulk of horses has already escaped into the economy. Could be an interesting turn of events for us.

 

[Sandra Koutsopoulos]

View attachment 103383

Seriously, "...the average age of appraisers is about 85..." Really? I doubt that very, very, very much. 60-65 maybe; 85?!?!??, not a freakin' chance. Don't forget, we drive for a living, require D/L renewal, ins etc... That demographic doesn't hold up. And at the rate our fees have been eaten away by 'middle-man' parasites, why the heck would a young person want to enter the field of appraising? TPTB (the powers that be) have created this current anti-appraiser 'crisis' situation, so the solution seems to be to kill off the rest of the appraisers (financially), and let the Robots Be King!...
...which brings to mind the last time my computer didn't boot up properly & lost my data for that day, and the self-driving cars that are killing occupants/pedestrians & other drivers alike. Have an electronic/electrical glitch? Oops! how good is your data now if it's disappeared from 'the cloud'. Over-reliance on computers vs knowledge and 'eyes-on' experience of competent appraisers is a disaster waiting to happen.