FANNIE bonds with AMCs, over your dead low paid body.

[djd09]

Julie Jones is a former Fannie Mae national review appraiser and Collateral Underwriter (CU) Subject Matter Expert who joined Class Appraisal (now Class Valuation) in 2018 as SVP of Valuation Transformation and Engagement. She focused on leveraging technology and data in appraisals.

connect the dots...

 

[alebrewer]

haven't heard that name in a minute. I think she fell off the face of the earth.

 

[Sadie]

Yes the GSE's have said they are not trying to get rid of appraisers. What they actually mean is they just won't need as many. What is happening is time is money.

I do know that THE gse's don't have a 100% of the mtg market. I think but don't know that for sure. They are probably trying to get a larger slice

I believe it would be Pulte who said that appraisals cause friction in the mortgage process

 

[Sadie]

I will make this point for perspective. Many Federally insured institutions needed no bailout money but had to take a little and paid it back immediately.

Many federally insured institutions don't use appraisal management companies a/k/a AMCs.

The appraisal fee they disclose to the borrower is real on truth in lending disclosures.

They engage the appraiser directly. There is no middleman and they needed no bailout.

There is no commingling of fees.

Fastest and cheapest is not in picture for these solid federally insured institutions.

But, without the AMC middleman, they might actually be the cheapest and the fastest.

 

[Sadie]

​

lol-Their spin copy above states the waiver is eliminating the need for a valuation....then they say it reduces the opportunity for bias, prompting fair and impartial property valuations!! If there is no valuation, then how can there be a fair and impartial property valuation? ( sarcasm intended,) Of course, with a waiver/value acceptance, no appraisal or valuation is performed. The "cutting-edge technology" consists of sending a non-appraiser person out to the property (instead of an appraiser) to take photos and measure.

Value Certainty
Only data collection is required, eliminating the need for valuation or risking further price negotiations.

Reps and Warrants​

No risk of future buybacks, ensuring greater security for lenders.

Appraisal Bias Mitigation​

Reduces the opportunity for bias, prompting fair and impartial property valuations.

or sending no person at all to the property. No eyes on it. Hmm sounds like a super idea!

 

[Carnivore]

Still don't see the efficiency of using a PDR Dude who then sends the report to the Appraiser. UNLESS there is a shortage of appraisers in a certain area.? OR the PDR report was completed s3 months or longer ago . Does the PDR have a date of inspection when the PDR did the inspection.

Question: Does the PDR dude blur out family pictures or make sure their is no one in the photo to prevent a bias when given to the appraiser?

Wait maybe the PDR dude sends this to the AMC and in turn gives the PDR to the AMC Staff Appraiser. hmmmm

 

[J Grant]

Still don't see the efficiency of using a PDR Dude who then sends the report to the Appraiser. UNLESS there is a shortage of appraisers in a certain area.? OR the PDR report was completed s3 months or longer ago . Does the PDR have a date of inspection when the PDR did the inspection.

Question: Does the PDR dude blur out family pictures or make sure their is no one in the photo to prevent a bias when given to the appraiser?

Wait maybe the PDR dude sends this to the AMC and in turn gives the PDR to the AMC Staff Appraiser. hmmmm

It is not about efficiency .. it is about control and profit. The PDR dude does not send the report to the appraiser. The PDR dude gives the report to an AMC and the AMC (or other client) sends it to the appraiser. All the spin about efficiency or bias is corporate cover to justify these decisions.

Seems at present it is the AMC's deciding to make a 1004 into a hybrid where a PDR person goes out, AND Fannie and Freddie use a select list of AMC's for the Waiver/value acceptance, where no appraisal is used, but a PDR report is to be used.

Huge profits to the AMC's for marking up $ to the low-paid PDR person and another profit stream is that they can double or triple the output of their staff appraisers, who they can keep deskbound cutting appraisals inot a hybrid with the onsite aspect done by a PDR collection.

 

[Mark K]

History has shown that anytime the GSEs and the banksters, and now AI, conspire, it has never been, and will never be for the purpose of advancing the interests of independent appraisers.

Its just one more step to the top of the mortgage appraisal profession gallows. But look on the bright side...maybe they'll use a new rope.

 

[chad hampton]

Using an unlicensed appraiser to perform the appraisal inspection was never about efficiency. It was about corporations and hedge funds keeping the appraisal money.

Used to be the kind of thing that got you sent in front of an appraisal board. In fact, I bet we have a former investigator on this board that used to hang appraisers for doing that. Then they championed it when their new employer could make more money from it.

 

[George Hatch]

It was the dishonest "I personally inspected" that got people into trouble. They said one thing (I personally inspected) but did another (I sent an unsupervised trainee or runner).

The dishonesty, not the use of an unsupervised runner. Which that dishonesty will be the act for which the appraiser is sanctioned. Had they stated that they used the unlicensed runner or unsupervised trainee for that conventional 1004 assignment the client would simply have rejected the appraisal for not meeting the requirements of that assignment.