Three days in a row. Different GLA than advertised.

[chad hampton]

Waivers were for folks who owned their home free and clear and wanted to open a 25k line of credit. It wasn't until recently that regulators went to sleep and allowed the GSE to expand their use to when they currently are.

Like I said, waiver and hybrids current use was intended for wuhan flexibilities. They should have ended that in 2021. They weren't meant to be long term nor were they meant for the ltv's we are seeing them used for.

 

[djd09]

A simple search using any readily available search engine will show that GSEs' use of waivers started well before the first case of COVID was reported and well before the pandemic.

I do not mind at all those who challenge the use of ACE and VA. I do mind those who post false claims as if they are facts.

oh boy...you are rolling...they said CU would just be a risk tool...and then only for refi's...now it is for purchase fraud....their tongues have been made to deceive

 

[chad hampton]

oh boy...you are rolling...they said CU would just be a risk tool...and then only for refi's...now it is for purchase fraud....their tongues have been made to deceive

I remember how fast they moved during the wuhan putting out ways to fast track their "desktops". Took them about 2 weeks to get that moving. Almost like they were glad the wuhan scared enough people to cram this **** through. Anytime gov't or gov't agencies move that fast, you know you're in for one hell of a scam.

"No, I swear, this is just a flexibility that we will remove once this deadly disease that you have a 99.98% chance of surviving gets under control". And they wonder why no one trusts a thing they say anymore?

 

[djd09]

im sure he will claim he is doing hybrid ho work too...

 

[J Grant]

Are entities that provide automatic valuations financially liable for failed collateralization?

I typed your question into Google just as you wrote it, and AI gave the answer I suspected (no, they are not liable). Of course, there is probably an exception, somewhere...

 

[Fernando]

The GSEs stopped talking about appraisals done on the front end to establish a value for the LTV%. Instead, they called appraisals a tool for "risk management"- and concluded that since a borrower can default anyway, or if a high percentage of appraisals meet a SC price, no appraisal is needed for risk management in many cases! That paved the way for the WAIVER.

So would you say purchase appraisals have more waivers since most appraisals meet SC price.
It's the refinance appraisals which have higher probability of "error".

 

[J Grant]

So would you say purchase appraisals have more waivers since most appraisals meet SC price.
It's the refinance appraisals which have higher probability of "error".

I can not answer that since I am not on that side of the business.

 

[chad hampton]

Saying that we can expand the use of waivers on purchases because purchase appraisals come in at the sales price anyway is some seriously flawed logic. You only know that because you have 1/2 of the equation. if you remove 1/2 of the equation, are you still able to make that comment a year from now, five years from now, 10 years from now?

All real estate agents price things with the idea that it might not appraise in the back of their mind. That plays a big part in having price discussions with buyers and sellers. So having appraisals come in at sales price 95% of the time at least is a safety net that the market is working somewhat. An appraisal is a very cheap safeguard to keep markets in balance.

You’re seeing more and more of the wild West, as more agents realize there’s a shot they will get a waiver, you see them rolling the dice more.

Yet still someone will come on here and try to argue that the market isn’t juiced because of these things.

 

[Fernando]

Saying that we can expand the use of waivers on purchases because purchase appraisals come in at the sales price anyway is some seriously flawed logic. You only know that because you have 1/2 of the equation. if you remove 1/2 of the equation, are you still able to make that comment a year from now, five years from now, 10 years from now?

When you have a sales price, appraiser has a baseline to work with. Refi is different. I can only at least look at Zillow.

All real estate agents price things with the idea that it might not appraise in the back of their mind. That plays a big part in having price discussions with buyers and sellers. So having appraisals come in at sales price 95% of the time at least is a safety net that the market is working somewhat. An appraisal is a very cheap safeguard to keep markets in balance.

You’re seeing more and more of the wild West, as more agents realize there’s a shot they will get a waiver, you see them rolling the dice more.

Yet still someone will come on here and try to argue that the market isn’t juiced because of these things.

 

[DWiley]

Waivers were for folks who owned their home free and clear and wanted to open a 25k line of credit. It wasn't until recently that regulators went to sleep and allowed the GSE to expand their use to when they currently are.

Like I said, waiver and hybrids current use was intended for wuhan flexibilities. They should have ended that in 2021. They weren't meant to be long term nor were they meant for the ltv's we are seeing them used for.

Repeating a false claim does not make it true. As I said, anyone can use Google to see when the GSEs started using waivers (and when COVID began).