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

[chad hampton]

Like others have said, it had nothing to do with the quality, they always claimed it was about whether they checked the box or not. But let’s be honest, what they really didn’t like was independent self-employed appraisers making money.

Now I don’t agree with doing that either, that’s why I never took on a trainee. The profession is not set up to allow trainees to do anything but cost appraisers money. My issue was always the individuals at the GSE’s claiming their hands are tied on anything that might better the public trust or independent appraiser, but they seem to have strong opinions on anything that helps their friends.

Maybe that’s not the reality, but it sure is the appearance. The appearance of impropriety is rampant at the GSE’s and leadership organizations. Go check out LinkedIn and see what I mean.

 

[TerryRohrer]

From doing several hundred appraisal reviews -
And even if it was a problem, how does it excuse waivers with a lender writing in a value for the property that they estimate to make a deal work, or a non-appraiser doing a "data collection" when the appraiser is ready, willing, and able to do their own inspection?

There is that statistical acumen kicking it again! Tens of millions of appraisals are completed each year, and one person can look at a few hundred over a few decades in one local and read the tea leaves to critique the entire market! A clear case of not having a clue about what you don't have a clue about!

 

[chad hampton]

I think we all can agree that an inspection by a trainee probably isn’t as good as an inspection by the certified appraiser.

But then again, some of us attempt to make the case that an out of work real estate agent or Uber driver does a better job with the appraisal inspection than the certified appraiser.

 

[djd09]

just remember the same gse's that don't require an inspection are the one who accepted hundreds of thousands of no doc loans...

 

[Zoe]

By the time I get liquidation appraisal assignment locally, the owner has already received letters from lawyer and letting them I know I will be trying contact them for appraisal on their home. They word it like you would be better off letting the appraiser come inside.

It is no surprise to the homeowner when they get a message from me.

I have one right now where I spoke with owner and asked if they wanted me to do drive by or come inside and they said do drive by and then lender canceled after I had done market analysis and completed pictures of all comps and subject and taken information from homeowner and did administrative duties. Lender wants to cancel. I said half the original appraisal fee will be cancellation fee.

 

[alebrewer]

From doing several hundred appraisal reviews -
And even if it was a problem, how does it excuse waivers with a lender writing in a value for the property that they estimate to make a deal work, or a non-appraiser doing a "data collection" when the appraiser is ready, willing, and able to do their own inspection?

Not sure how you were able to deduce who did the inspection from doing a review, but ok.

I see those as two separate issues. One of the primary reasons the # of trainees were restricted - at least in Texas - is because of the amount of appraisers who were using trainees as undocumented runners/inspectors. Personally know of SEVERAL folks who found themselves in the hot seat over that issue. And know MANY more who just never got caught.

The other issue you're discussing is waivers - which has zero to do with the first issue. Unless, of course, the thought process is that, if appraisers were sending unlicensed folks out to do inspections, why not just cut the appraiser out of the inspection piece. Which, if you think abut it, is not illogical...

 

[Zoe]

Listen to this lender said don't cancel until cancellation fee approved. I would rather complete the assignment at this point than them cancel. That was Friday when they cancelled. I'll take half original appraisal fee of $650 if they want to cancel. 1/2 fee will be $325. But I have already spent hours and hours on it before they wanted to cancel.

 

[Zoe]

Not sure how you were able to deduce who did the inspection from doing a review, but ok.

I see those as two separate issues. One of the primary reasons the # of trainees were restricted - at least in Texas - is because of the amount of appraisers who were using trainees as undocumented runners/inspectors. Personally know of SEVERAL folks who found themselves in the hot seat over that issue. And know MANY more who just never got caught.

The other issue you're discussing is waivers - which has zero to do with the first issue. Unless, of course, the thought process is that, if appraisers were sending unlicensed folks out to do inspections, why not just cut the appraiser out of the inspection piece. Which, if you think abut it, is not illogical...

That is still no excuse. If you catch an appraiser doing what you say, that is USPAP violation.

I don't know of any appraisers that I have been around that used runners and I have known many appraisers.

Okay, who is getting the runner fee now? The GSE? Does the GSE own part of the AMC? Does the lender own part of the GSE and the AMC and the runner?

Who is paying the fee on truth in lending disclosures?

 

[Zoe]

If you separate the fees on truth in lending disclosures to borrowers, the whole market structure changes.

The whole market structure changes for both buyers and sellers without commingling of fees.

The only way to hit is from a public trust standpoint on commingling of fees on truth in lending disclosures.

Separate fees on truth in lending disclosures to borrowers and the whole market structure changes. Public trust is improved.

 

[alebrewer]

That is still no excuse. If you catch an appraiser doing what you say, that is USPAP violation.

I don't know of any appraisers that I have been around that used runners and I have known many appraisers.

Okay, who is getting the runner fee now? The GSE? Does the GSE own part of the AMC? Does the lender own part of the GSE and the AMC and the runner?

Who is paying the fee on truth in lending disclosures?

Okay, who is getting the runner fee now? - I think now they're calling it a PDC and PDR, Zoe. Not really in that space, but I assume it's similar to the appraisal space - the fee is split between the PDMC (property data management company) and PD inspector.

The GSE? I believe the GSE's business model is securitizing RMBS. If they're in the property inspection space, I was unaware.

Does the GSE own part of the AMC? If they do, I was unaware - but you might be onto something there, Zoe.

Does the lender own part of the GSE and the AMC and the runner? I'm unaware of any lender owning part of the GSE's (other than buying stock in said entities). As to who owns the runners, it was and is my understanding that no one 'owns' individuals any longer.

Who is paying the fee on truth in lending disclosures? Huh??