Fannie's Own Statement About Waiver /value Acceptance;

[TerryRohrer]

The statements from Congress and the Government Accountability Office regarding the GSEs and the public trust are hardly entirely in my own mind.

You have not shown any statements from Congress and the GAO yet. You have shown a bunch of drivel concocted by AI. Do you understand the diffrence?

 

[glenn walker]

It's futile she doesn't believe waivers should be allowed and is deflecting to win the debate.

What's really driving her neurosis is a waiver isn't a definition of value and it's a given price the borrowers can purchase up to. IE no more than say $300,000.

Since it's not an appraisers certified and signed Value She cannot except it's price as being a legitimate way to establish a value.

 

[J Grant]

It's futile she doesn't believe waivers should be allowed and is deflecting to win the debate.

What's really driving her neurosis is a waiver isn't a definition of value and it's a given price the borrowers can purchase up to. IE no more than say $300,000.

Since it's not an appraisers certified and signed Value She cannot except it's price as being a legitimate way to establish a value.

They do teach that price does not always equal value as a fundamental of appraisal.
And there is Fannie's own statement that the value of the property in a WAIVER might not be the actual value of the property. The estimate, or sale price, is the number that will greenlight a loan LTV. The fact that it met some kind of metric of their data analysis - at the end, they state it might not represent the value of the property.

If a value that might not be the value of a property is what they want to fund on, then it is what it is.

 

[George Hatch]

They do teach that price does not always equal value as a fundamental of appraisal.
And there is Fannie's own statement that the value of the property in a WAIVER might not be the actual value of the property.

Hey, if that is what they want to fund on, then it is what it is. We can still express opinons or concerns about it.

I'm drawing a blank on that one. Citation needed.

I'm not sure, but my understanding of it was that their program is about validating a go/no-go for the loan amount. Which might not necessitate getting to MV itself. Especially when the LTVs are below their thresholds.

 

[alebrewer]

Overvaluation during the initial purchase which did not allow the borrower who needed to suddenly relocate to sell the house for what was owed against it.

You say overvaluation. Do you have evidence to support that assertion? Is it possible the market experienced a downturn during that period?

And even if you could demonstrably prove the appraisal was inflated, it would have had no impact if any amount of time had expired between loan initiation and default. Now, if your assertion is that this happened on a large scale, and THAT'S why it had such a catastrophic effect, ok. That, however, assumes: (1) all appraisals were inflated OR (2) the market took a downturn. Seems much more credible to me that the market shifted, which then caused homeowners to bail en masse. I've seen it before and so have you. Appraised values had nothing to do with it. Certainly a few inflated appraisals don't have the bandwidth to affect an entire market.

You're making stuff up, my friend. Leave that to J.

 

[glenn walker]

Overvaluation during the initial purchase which did not allow the borrower who needed to suddenly relocate to sell the house for what was owed against it.

Any VA or FHA or 95% loan is upside down from day one unless it quickly appreciates at least 5%-7% or more over first 24 months of ownership.

Home ownership wasn't designed
to be a short term investment and ones who get divorces, lose jobs or have to suddenly relocate are the risks of making low to no down payment loans BUT the bank's and GSEs have that factored into their analytical models.

 

[NC Appraising]

We are getting screwed at every corner. lol.

Yeah appraisal foundation...bring more into the profession.....just what we need.

Appraisal Institute Leads Coalition on Mortgage Credit Modernization​

The Appraisal Institute recently led a coalition of national appraisal organizations in responding to federal financial regulators as they consider implementation of the Administration's Executive Order on promoting access to mortgage credit. The coalition's letter addressed a proposal to increase the current $400,000 residential appraisal threshold to $650,000, urging regulators to take a risk-based approach and opposing the increase without evidence that it won't raise collateral risk. The coalition also raised concerns about the growing use of evaluations outside the traditional appraisal regulatory framework and noted that automated valuation tools carry particular challenges in rural markets with limited comparable sales.

 

[glenn walker]

I've been preaching for over 35 years the Deminimus can be raised to any number they want. Now technology is catching up with todays prices but still to low for high cost States.

 

[chad hampton]

We are getting screwed at every corner. lol.

Yeah appraisal foundation...bring more into the profession.....just what we need.

Appraisal Institute Leads Coalition on Mortgage Credit Modernization​

The Appraisal Institute recently led a coalition of national appraisal organizations in responding to federal financial regulators as they consider implementation of the Administration's Executive Order on promoting access to mortgage credit. The coalition's letter addressed a proposal to increase the current $400,000 residential appraisal threshold to $650,000, urging regulators to take a risk-based approach and opposing the increase without evidence that it won't raise collateral risk. The coalition also raised concerns about the growing use of evaluations outside the traditional appraisal regulatory framework and noted that automated valuation tools carry particular challenges in rural markets with limited comparable sales.

Edited, Glen was finally able to correct me. Only took him 20 years

 

[TerryRohrer]

Isn’t the AI an appraiser advocacy organization? Has anyone come out and said how this position helps their members?

How can anyone pay a dime to this organization? Bad case of Stockholm syndrome.

So you really can't understand how preventing or slowing an increase in the diminimous from $400,000 to $650,000 would help residential appraisers? And you claim to have experience and expertise in a field that revolves around supply and demand? Wow, way to demonstrate your "abilities"? It appears hating is your only skill. You should go back to the first grade and work on reading comprehension...does "led a coalition of national appraisal organizations" suggest to you that the AI acted alone?