Todays Bombshell Executive Order Ends Traditional Appraisals.

[Carnivore]

This is all about affordability Housing shortage and 30 million immigrants that take up a lot of housing I think we have seen the handwriting on the wall for the past few years'


I hate it for the regulars at this forum. I hope you can survive until you can retire

The affordability crisis is a widespread economic challenge where the cost of essentials like housing, healthcare, food, energy, and childcare rises faster than wages,


leaving millions of Americans struggling to meet basic needs.

Scope​

The affordability crisis affects a broad spectrum of Americans, including middle-class families, younger adults, and people of color. Across 160 U.S. metro areas, at least 20% of middle-class households cannot afford basic necessities, with Latino or Hispanic families facing the highest burden at 50% and white families the lowest at 27% (Brookings

 

[chad hampton]

Greed? I don’t know any appraisers I would call wealthy.

What’s wrong with 2055s? I don’t think I ever did one, or was asked to do one, for refi purposes or purchases. I would have declined if I had been. But since I was never asked, I don’t think they were a significant use of 2055s.

 

[djd09]

keep letting the mortgage brokers estimate value...what could go wrong

 

[djd09]

where is the TAF squealing about the public trust...eh, frank?

 

[chad hampton]

where is the TAF squealing about the public trust...eh, frank?

Didnt you hear, the snake oil salesman that push that garbage USPAP document on us got together and said public trust now means whatever the client wants.

 

[Alsie35]

Y

Your missing the big picture remember prior to Covid-19 most appraisers were saying they only did full interior exteriors but had no issues doing exterior only for big money remember Nando bragging each time he did an exterior for $1,000. Many proved it was really about money not about quality.

By the end of Covid the GSE and lenders knew that full appraisals weren't required on cookie cutters.

Fast forward the greed and profiteering by so many helped killed the golden goose as it's always been about money.

Glenn, I truly love you man, *BUT*:

I HAVE to nominate this post of yours for the "Worst Take of the Day".

 

[George Hatch]

Didnt you hear, the snake oil salesman that push that garbage USPAP document on us got together and said public trust now means whatever the client wants.

If you knew what you're talking about (which you dont) you would realize that - as usual - you've got it completely backwards.

Up through 1998:
"It is essential that a professional appraisers arrive at and communicate their analyses, opinions and advice in a manner that will be meaningful to the client and will not be misleading in the marketplace" (client, who BTW is often not among the intended users and who often does not use the appraisal for it's stated purpose)

1999-to-present:
"It is essential that appraisers develop and communicate their analyses, opinions, and conclusions to intended users of their
services in a manner that is meaningful and not misleading. (not the client unless they are among the intended users".


For example, your MB clients were never (and still aren't) among the intended users of all or almost all of the appraisals you performed for them, and they never used those appraisals for the stated intended use. THAT mode of operation is way closer to the concept of "whatever the client wants" than how USPAP is designed to function.
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If you were taking the test there would be a correct answer and an incorrect answer. Your answer would be incorrect because you're not competent with the material.

 

[chad hampton]

You push that garbage book so much I have to wonder if you get a cut of the cash your friends at TAF extort from appraisers every 2 years?

 

[Joe Flacco]

I don't think this changes anything.

 

[Joe Flacco]

It's all stuff that was happening already. Did something change from a week ago? No.