Appraisal Independence & Bias

[djd09]

Some of you have really high opinions of the ethics and morals of “lenders”. Everybody who’s employed by a lender is by default on the sales side of things. Anybody in the process who scrutinizes deals too hard, will not be employed for too long. Credit analyst, underwriters, it doesn’t matter. They are all looking to do one thing and that is to push every loan through. Lipstick on a pig is the name of the game. Sometimes that job is difficult, but no one who gets a paycheck from a lender is in the business of saying no to loans.

the thieves only come to steal, kill, and destroy...

 

[George Hatch]

Two things can be true at once:

Loan originators can and sometimes do try to influence the outcome in order to cheat the lenders with whom they are doing business​

and​

Lenders can and and sometimes do cook their own books to do "justify" deals they shouldn't be doing.​

​

Cutting the LOs out of the loop only addresses that particular conflict of interest. It doesn't touch the lender-misconduct which also occured before and which continues to occur. Nor does cutting the LOs out imply some higher moral virtue to the conduct of the lenders - they're still doing what they were doing before. With that said and WRT the conflict of interest in allowing the sales types to control the appraisers, less is still less. Cutting the LOs out completely justified the damage to those LOs and their appraisers.

If you want to say the LOs (internal and external alike) were only doing 25% of the crime (!!!!) then that's still fine because 25% less is still 25% less and it still completely justifies the collateral damage to appraisers.

Your economic interests aren't worth the reversal. They never were. You were an afterthought at best, if at all.

 

[djd09]

can you imagine dw and lo's working the waiver system to get just the right number

 

[chad hampton]

The great irony in all of this is that the HVCC was created due to the bad behavior of the AMC and their lender they were too close with. So the gov't decided that to solve the problem of AMCs being too much in bed with the lender, they would make AMCs even bigger and allow them to be the only ones with access to the lenders. Brilliant!

And you don't think that's going on right now with the large lenders and their AMC/appraisal company "partners". At least when you had 3 parties, you had the appearance of independence. Hell, maybe why the law was written so there would be 3 parties.

Right now you have the WAMU/eappraiseit partnership on steroids. Let the good times roll.

 

[chad hampton]

can you imagine dw and lo's working the waiver system to get just the right number

Don't forget, the scumbag cuomo was about to go after the gses when it was clear they were in on the scam. When you're too big to fail, you can pretend to be innocent and buy your way out. It's the american way.

 

[djd09]

what a conspiracy theory that would have been...the lo's estimating value without a license and USPAP...but it's better now they say

 

[djd09]

Don't forget, the scumbag cuomo was about to go after the gses when it was clear they were in on the scam. When you're too big to fail, you can pretend to be innocent and buy your way out. It's the american way.

they bailed out losers...and expected different results...that is the definition of insanity

 

[chad hampton]

what a conspiracy theory that would have been...the lo's estimating value without a license and USPAP...but it's better now they say

Same people that blew a gasket when, god forbid, a trainee inspect a single family tract home on their own now love it when lo's do their own appraisals and guys like pascal who are waiting to go to prison go out and perform appraisal inspections. What a long, strange trip it's been. Maybe they are on what jerry was on?

 

[djd09]

Same people that blew a gasket when, god forbid, a trainee inspect a single family tract home on their own now love it when lo's do their own appraisals and guys like pascal who are waiting to go to prison go out and perform appraisal inspections. What a long, strange trip it's been. Maybe they are on what jerry was on?

all you do is post lies...according to the cheerleaders

 

[chad hampton]

all you do is post lies...according to the cheerleaders

Sure, what do I know? I mainly do mortgage work, have to work for a few AMCs on occasion, go to houses and talk to homeowners and agents evryday, write reports from start to finish, etc. Hard to be as educated on the topic as appraisers who don't do any of those things .