I am not doing the 3.6 FORM deal

[Bobby Bucks]

Michael Burry is currently focused on Nvidia and Palintir, but he’ll be the first to spot any repeat of Fannie’s “creative toxic” products. He can be followed on X, his handle is Cassandra Unchained.

 

[John Hassler]

Fixed it for ya. Just don't want others to believe your nonsense.

Nonsense. Take some responsibility for the appraisers you hire.

 

[TerryRohrer]

Why am I not surprised? I REALLY disliked that approach when TX engaged in punitive behavior. Its been my experience that, while many (if not most) appraisers lack the skillset I believe necessary to provide credible appraisals, I nonetheless believe said incapacity is due not to malicious intent, but rather to ignorance. I was VERY relieved when TX finally started conducting business under that hypothesis.

You may well be right, but there has been no legitimate excuse for being an ignorant appraiser during the past 35+ years. Resources and literature have been readily available since before licensing came to be...you simply had to educate yourself if you cared enough to be competent. Or not, as that remains the more expedient approach.

 

[alebrewer]

Nonsense. Take some responsibility for the appraisers you hire.

Seriously - you're killing me. I think I'm going to start just posting nonsense as well.

 

[John Hassler]

Why am I not surprised? I REALLY disliked that approach when TX engaged in punitive behavior. Its been my experience that, while many (if not most) appraisers lack the skillset I believe necessary to provide credible appraisals, I nonetheless believe said incapacity is due not to malicious intent, but rather to ignorance. I was VERY relieved when TX finally started conducting business under that hypothesis.

“Crackdown” was probably a poor word choice but taking “action” to protect the public was not. The action taken was not unlike TX and was typically educational but could also include fines monitoring. Suspension and revocation for severe transgressions. As we discussed before, mentoring was not in our quill as it was too similar to monitoring. Time to step down from your high horse.

 

[alebrewer]

“Crackdown” was probably a poor word choice but taking “action” to protect the public was not. The action taken was not unlike TX and was typically educational but could also include fines monitoring. As we discussed before, mentoring was not in our quill as it was too similar to monitoring. Time to step down from your high horse.

Then I wouldn't be able to see you...

 

[alebrewer]

You may well be right, but there has been no legitimate excuse for being an ignorant appraiser during the past 35+ years. Resources and literature have been readily available since before licensing came to be...you simply had to educate yourself if you cared enough to be competent. Or not, as that remains the more expedient approach.

I think it takes a certain type of mindset to WANT to excel at something - competitive and arrogant to some extent, I think. I also believe it takes a naturally inquisitive nature, and finally I believe it takes an above average intellect. Sans any one of these three, and I think the capacity to excel is dramatically diminished. When you couple that with the **** poor continuing education we've slopped out for the past 4 decades (AI education aside) and the intended users' acceptance of mediocre product, you create the environment necessary to nourish said sub-par behavior. I don't know what the bar should be, and I'm no one else's judge, but I'll just keep believing in the best of folks till they prove me wrong. And several have.

 

[J Grant]

When we offer R&W relief on Value Acceptance, that means we would not have a lender repurchase the loan for any collateral related issues. We own that risk. Am I answering your question?

Partially answered. When you say , "we own that risk", what does it mean if you are not offering a repurchase of a loan for collateral value issues? I understand that the lender no longer has a repurchase obligation with a waiver/value acceptance.

Let me rephrase the question for a yes or no answer: Does Fannie buy back a loan that relied on a WAIVER/value acceptance if there are collateral value issues? ( yes or no )

Thanks.

 

[J Grant]

I most definitely would agree that an AVM is probably more credible than an appraisal 'slapped together in 30 minutes from an appraiser that lives on the other side of the country'. Wouldn't you?

Why are lenders using appraisers who slap together an appraisal in 30 minutes, and who live on the other side of the country?

 

[alebrewer]

Why are lenders using appraisers who slap together an appraisal in 30 minutes, and who live on the other side of the country?

You're too funny, J.