Aloft Appraiser Toolkit

[John Hassler]

Boom..... there it is..... when appraisers shot themselves in the foot and the wheels came off the wagon..... the end of Independence.

"Boo hoo.....the mortgage broker says they won't hire me if I don't hit the value". No spine to just say no. No comprehension that there were plenty of fish in the sea to sell their services to.

"Boo hoo.... the mortgage brokers are sending me all these comp checks". Again, no comprehension on how to start marketing to different mortgage brokers with all the lenders that you were approved with or to simply say "no" and reiterate how dependable and reliable you've been.

Now look at this mess we're in.....

Exactly. I went through hundreds of mortgage brokers to find a core of 20 worth working for. I still stay in touch with a few.

I never did find a single AMC worth working for. Not a one. They were all chit in one way or another from grossly inept staff, constant meaningless updates, constant lies, and/or slow pay. I had a pricing sheet in 2009 post-HVCC that had a $50 add on for AMCs to deal with all their “special needs”. A few AMC guys went ballistic over that and thought I should be giving them a discount from my base price. Nope, sorry, more work = more fee.

 

[John Hassler]

So what you're saying is that the elimination of 700,000 MBs from the appraisal engagement loop didn't prevent the 1400 lenders and AMCs from committing however many offenses they had already also been committing.

That's a fair point. A very fair point.

However and in counterpoint, 1400 lenders and AMCs is a much smaller and more readily monitored number than 700,000. And that aggregation of the volume will result in the inevitable paper trail showing whatever patterns of conduct (good or bad) those pipelines are engaging in. It is precisely the ability to hold them to account that matters, even if not adequately enforced in real time. The regulators CAN come back after the fact and zero in on the individuals themselves.

I guess the actual estimates vary, but not the reasoning. Whatever the numbers someone wants to argue, it's still easier to regulate the comparative few than to regulate the many.

You’ve made this comment about AMCs being easier to take to task. And it makes sense on some level. But speaking from practical experience it doesn’t work out that way.

Imagine disciplining one lone wolf attorney. Now imagine disciplining a pack of 500 attorneys who have 500 times more to lose acting as one.

 

[chad hampton]

You’ll find that everyone on this board who appears to support the current system does not have to work within the current system. They will probably tell you either - a)They’re not appraisers (which I’m not sure why they’re even here) or b) they don’t do GSE work and then they will make a comment about how stupid you are.

 

[Mejappz]

Interesting take. What is it based on?

 

[glenn walker]

You’ll find that everyone on this board who appears to support the current system does not have to work within the current system. They will probably tell you either - a)They’re not appraisers (which I’m not sure why they’re even here) or b) they don’t do GSE work and then they will make a comment about how stupid you are.

There is nobody on this board that is a
big supporter of the system, just ones who are dealing with people who have
no solution's to the problems.

You think the system was broken during your time period, but it's been broken long before you entered. There were not even licenses, and it was so broken that it was a home built on a muddy dirt foundation.

Now 35 years later it's foundation has just evolved into what it currently is, which appears, the powers to be may demolish it and basically start from scratch.

Nobody on here knows the end game maybe the boy's in the Money Center Banks on Wall Street Skyscrapers know but you and i aren't getting the memo.

 

[Joe Flacco]

The end game is obvious. Instant refis and sales. Real estate becoming a liquid asset. Most of us will probably be dead by then.

 

[Joe Flacco]

It will be like buying a car.

 

[Joe Flacco]

Aside from GSE, tokenization of real estate would change everything. You might not have to buy the whole property to live in it.

 

[glenn walker]

I can walk into a Mercedes Dealer today and put down 10% on a $150,000 car and drive out in 2 hours or less. 35 years ago it took a bank a few days to go over your financials on a high end luxury car before getting an okay to drive it home.

The point is technology today is way ahead of the manual physical appraisal process, and it's a clunky old hand tool in a Mikita Battery Powered World.

 

[George Hatch]

Interesting take. What is it based on?

You can see what the politicians have been trying to do. You saw his testimony when he was dropping the numbers which put the allegations into context. I'm amazed he didn't get fired for that because his data dump clearly undermined the theme they were trying to build. Needs more study before we can determine the actual cause/effect.