3.6 Crunch Time

[chad hampton]

Funny how all that talk about an hourly rate disappears when they create an appraisal form that takes six hours of desk time to get even a simple report submitted.

 

[Vermonter]

Just got the following from a local credit union moving from direct ordering to using an AMC-

"FNMA has introduced the Value Acceptance and Property Data product. This allows for an AVM combined with property photos taken by appraisers rather than a full appraisal. These reports are less expensive for our members and are delivered more quickly.

This product can only be offered through approved AMC partners. It will provide an alternative solution for roughly 30% of our business, helping reduce both time and cost for our members. In the current economic environment, we are focused on making the mortgage process as affordable and efficient as possible, and the data suggests this change could have a meaningful impact."

 

[Airstream]

Just got the following from a local credit union moving from direct ordering to using an AMC-

"FNMA has introduced the Value Acceptance and Property Data product. This allows for an AVM combined with property photos taken by appraisers rather than a full appraisal. These reports are less expensive for our members and are delivered more quickly.

This product can only be offered through approved AMC partners. It will provide an alternative solution for roughly 30% of our business, helping reduce both time and cost for our members. In the current economic environment, we are focused on making the mortgage process as affordable and efficient as possible, and the data suggests this change could have a meaningful impact."

In other words they will pay your $50 to drive 25 miles to take a few photos.

Easy solution. REJECT.

There are going to a lot of appraisers dropping out. I just talked to another one today. Of the six appraisers I know only 1 is doing 3.6 work. The rest are not. Also some banks are just say “no” to the 3.6. They aren’t going to do them for their own portfolio properties.

 

[PeterPetrelli]

In other words they will pay your $50 to drive 25 miles to take a few photos.

Easy solution. REJECT.

Exactly.

Over the years a lot of hybrid and/or inspection only type products have popped up. I always refuse them, that's not why I got into this profession. If they need a messenger they can hire one. Total waste of my time.
Not sure about your market but in mine they are starting to do these home scan reports. Basically you map out the entire interior and exterior with a video scan on your phone (they have a name I just cant recall off the top of my head). They say it takes 45 mins for an average house. Pays $135. lol Hard pass...

 

[Non Sequitur]

Anyone complete a 2-4 unit 3.6? Can't say I would accept one at any fee right now.

 

[djd09]

8% mortgage rates are ‘not an impossibility’ as the 30-year fixed rate surges​

... that is going stop the demand for appraisals on purchase homes

 

[Surf Cat]

FNMA has introduced the Value Acceptance and Property Data product. This allows for an AVM combined with property photos taken by appraisers rather than a full appraisal. These reports are less expensive for our members and are delivered more quickly.

That's a lie....appraisers "should be" the only ones doing this gig....but it's Jr. Realtors and Uber drivers whom are the PDCs.

Just think if appraisers were the only ones allowed to do pdcs. Not only would the desk bound appraiser be given the typical photos and measurements, but I believe a better outlook on features that affect value, as well as possible externalities and a solid neighborhood description as this is what appraisers do.

Additionally, the PDC should be able to be contacted by the desk bound appraiser for clarifying questions. Heaven forbid paying $50 more to the right group to determine loans for hundreds of thousands of dollars.

 

[Jayjay25]

Here’s an interview with class appraisal about 3.6 and they accidentally said the quiet part out loud. Fannie and Freddie don’t care if we’re ready or not because they control the “faucet” on the amount of alternative valuations they will accept. They are making our jobs more difficult so we become the expensive, time consuming option.

 

[DWiley]

Additionally, the PDC should be able to be contacted by the desk bound appraiser for clarifying questions. Heaven forbid paying $50 more to the right group to determine loans for hundreds of thousands of dollars.

I agree. That is why the PDR has the contact info for the data collector.

 

[djd09]

did i post this on the wrong thread...telford AQB bot, eh frank?