ACE

[chad hampton]

The corruption at the GSE's makes the days of sending 50 trainees running around the state doing the field work look like child's play.

 

[alebrewer]

Yes, but that's where PDCs come in.

No doubt they'll have data for the subject's condition - and, theoretically, for the condition of any other properties they've purchased for securitization (properties the model would use as comparables). The problem I see (potentially) is the sales data. I know most states are disclosure states, but Texas is a non-disclosure state (of which there are also several). For a non-disclosure state, you have to have access to MLS to get sales prices. Unless the GSE's strongarm the local MLS's into stealing their RETS feeds, they won't have access to sales prices - and currently they're getting between 4 and 6 sales prices per appraisal - with PDC's and waivers - they'll be getting zero.

 

[J8012]

Yes, but that's where PDCs come in. Here's a solicitation for a PDC and this is what will be left for residential appraisers in the not too distant future. If anyone thinks I'm being an alarmist, here's a quote from someone at the very top who you may believe: "Addressing property data collections specifically, Radke says that appraisers are well positioned to do property data collections. "Some appraisers really enjoy this aspect of field work and this change allows appraisers to diversify into this. There is a lot of opportunity for appraisers to get involved as property data collectors," says Radke."

Couple that with ""When I was FHFA Director, Fannie and Freddie were very upfront about their view that the appraisal process was just friction to be smoothed out. They compete with each other for originator business, and they want to squeeze friction out of the process. They don't see a lot of value to the appraisal process. Notwithstanding the problems that Zillow found itself in, they have a view that appraisals can be replaced by big data and see themselves as the curators and holders of that data," Calabria argues."

PDC Solicitation:

"Take pictures that show the whole property and any extra structures.
● Make sure the photos and video give a clear view of the property's condition and
layout.
● All pictures should be Horizontal.
● Make sure that the pictures should include the ceiling and the floor.
● Turn on lights or open blinds for better photo lighting.
Here is a list of all the spaces that need to be photographed:
1.FULL EXTERIOR
a.Front of home (Front yard, sidewalk, Driveway, and the Roof)
b.Left side of home
c.Right side of home
d.Back of home
e.Garage (Outside and Inside)
2.FULL INTERIOR
a. Living room
b. Hallways
c. Stairways
d. Kitchen
e. Bedrooms.
f. Bathrooms
g. Basement and/or Mechanical Room
3. MISCELLANEOUS
a. Heating and Cooling System (AC and water Heater)
Special Instructions Expectations: * 60+ photos of interior & exterior combined. * 1 exterior video walking around the house and the lot * Photos of streets, roadways, crossroads * 1 interior video walking room by room to give us feel of the layout * Photos/videos of the rooftop, to determine roof condition. No need to go up on roof from sidewalk works * Picture of the front of the house as an album cover * Photos to include electric box, water heaters, HVAC system, any garages, barns, basements, etc. * Please, no talking in the video. Pay 100.00"

Yup, common here in michigan. Might as well give it up, our industry is over as we have known it. You should see the scan they use. Forget privacy, they scan the interior of your closets and everything you own. Plus it calculates interior GLA versus the data from public records and shrinks the size. The whole thing is a nightmare. In 1997 when I started appraising all I heard was how this industry wouldn't last, here we are.

 

[CGinMN]

"Addressing property data collections specifically, Radke says that appraisers are well positioned to do property data collections. "Some appraisers really enjoy this aspect of field work and this change allows appraisers to diversify into this. There is a lot of opportunity for appraisers to get involved as property data collectors," says Radke."

He’s being willfully ignorant or misleading. There is no opportunity for appraisers in property data collection. The whole point is to eliminate appraisers from that part of the process.

 

[chad hampton]

I remember 20 years of USPAP classes where they said certified appraisers are the only people trained to do field appraisal work as they are uniquely qualified to understand property characteristics that pertain to value.

But put the snake oil pushers at the GSE’s and their friends that run AMC‘s in a room together, then have them come out and threaten state regulators to ignore rules and regulations,and all that goes away. It’s not hard to follow the money.

 

[djd09]

I remember 20 years of USPAP classes where they said certified appraisers are the only people trained to do field appraisal work as they are uniquely qualified to understand property characteristics that pertain to value.

But put the snake oil pushers at the GSE’s and their friends that run AMC‘s in a room together, then have them come out and threaten state regulators to ignore rules and regulations,and all that goes away. It’s not hard to follow the money.

i keep saying USPAP is useless...they aint following it, eh DW?

 

[Terrel L. Shields]

The GSEs have responsibilities to the federal govt which has been chasing the SJW agenda which has prevailed during the current administration. Neither GSE is in any position to tell the feds they won't cooperate.

The problem is that too many 'studies' are a foregone conclusion. Does anyone recall the Clinton era Boston Fed report arguing that red lining was still occurring? The regulators responded by seeking instance so they could noggin-thump the banks they accused. My brother's employer was told that they were giving more loans on the west side of the railroad than on the east so must be 'redlining' the properties. Duh. 80% of the town was on the west side.

Since that Fed report, the easy meat for those kinds of reports is to revisit the issue repeatedly and they have 2015, 2022 ,etc. Well, you cannot simply go back and unwind the redlining that occurred in the 1930s. After all, those red lines were created by the government, with the approval of the president (Roosevelt) and you cannot rewind history and play it differently.

 

[chad hampton]

He’s being willfully ignorant or misleading. There is no opportunity for appraisers in property data collection. The whole point is to eliminate appraisers from that part of the process.

Always remember rule #1, anytime they open their mouth they are lying to you.

 

[CGinMN]

Calabria is giving it to us straight. He’s telling appraisers and appraiser orgs what they need to do if they want to stay relevant.

Imagine all the good lobbying that AI could have done with their PAREA money to support their members and the profession, instead of investing in the lie of an appraiser shortage.

 

[Non Sequitur]

Imagine all the good lobbying that AI could have done with their PAREA money to support their members and the profession, instead of investing in the lie of an appraiser shortage.

The larger problem is the continued lies, and no one knows how many millions were spent on regurgitated course material offered on an existing platform.