3.6 Crunch Time

[Zoe]

If lender is your client, you should not have them in rose colored glasses to inflate Market value so loan can close. As licensed appraiser, your only bias on a loan is for Market value appraisal on the subject property. Your only bias is to the subject real property. You have no other bias other than MV definition and the subject real property rights.

 

[cashcatz]

Has anyone used the FREE Reggora 3.6 software ? I have not received it yet. I'll give "free" a tryout anytime.

It's not free, you are the product. Reggoras goal is to replace appraisers, and by using that you are training (giving your data away) to your replacement.

 

[Airstream]

What? That's what Dropbox, Box.net, Microsoft file cloud sync thing does... everyone should be already using those in conjunction with their form software's cloud storage PLUS quarterly backups to an offline drive that is stored in a fireproof safe.

I want it WITH the appraisal file. Much easier to keep track of.

 

[Airstream]

That's my point....waivers are given to lower risk borrowers. Buyers waiving appraisal contingencies are bringing cash to closing. Both are less likely to default.

For some reason many here think waivers are just handed out to high risk borrowers like subprimes mortgages back in the day. It's not the same thing.

My son bought a house in a suburb north of Milwaukee. Paid 25,000 over list price. Appraisal Waiver. I was surprised. Yes, he has a good job (electrical engineer) and good credit (800), but he didn't bring a bunch of cash to the table. The only thing I can think of is they ran an AVM.

 

[OSU Beavers]

They won't in my opinion rural will be fine with lenders getting full appraisals on everything but maybe rate and term refinances. Rural appraisers are the winners unless others move in to take their work from outlying areas.

Dead here all week. I just checked my neighboring county to see if any new appraisers moved in.

Nope, the 75 year old CG is still only doing VA, the 68 year old licensed appraiser is still hanging in there, but I doubt that he is up for 3.6, and the other licensed appraiser who is younger than me must be the busy one. Apparently appraisers from Boise Idaho are driving hours over here for fees less than we will accept.

 

[glenn walker]

Dead here all week. I just checked my neighboring county to see if any new appraisers moved in.

Nope, the 75 year old CG is still only doing VA, the 68 year old licensed appraiser is still hanging in there, but I doubt that he is up for 3.6, and the other licensed appraiser who is younger than me must be the busy one. Apparently appraisers from Boise Idaho are driving hours over here for fees less than we will accept.

Desperation and bills stacking up will cause many to drive long distances and never underestimate how they will and do accept low fees because they have nothing else to do and some may even plan on moving closer.

 

[chad hampton]

Booming here. As always. Started out slow, thought I might only make it to 6 or 7K this month. That’s not enough for a gig job.

Was just sent 12 1004 with rentals, bulk order, but I assume they wanted a discount. I was going to charge more because having to schedule with tenants is a nightmare. But it came from one of the GSE supported **** bag breakfast club AMC’s so I just declined it all.

 

[J Grant]

I got very busy last week, but every property is a problem-child nightmare. If it's busy when the 3.6 deadline comes, I hope the lenders are okay with 2-3 week turnaround times.

 

[HVNY]

Inundated with GPAR - maybe one or 2 mortgage appraisals on my desk.. My lender clients sound desperate when they ask me if I'm ready for 3.6.

 

[Airstream]

Inundated with GPAR - maybe one or 2 mortgage appraisals on my desk.. My lender clients sound desperate when they ask me if I'm ready for 3.6.

I think there will be many desperate lenders when they find out many appraisers are no longer working or are not doing lender work any longer.

I know 4 appraisers that have quit doing lender work due to 3.6. And I might be the 5th I know Still haven't made up my mind, but I just did a tedious appraisal today, and I'm going ... do I want to sit in front of a computer screen and deal with all the tedium at 71?

The process of appraising is fine, but the form filling is ridiculous.