Aloft Appraiser Toolkit

[Non Sequitur]

Actually their professional insurance carriers paid for the defence. Not $400k out of their pockets.

Have a cite? IIRC the board approved and cut a check for the $400k settlement.

 

[djd09]

Waivers are not free at least in 2022
I believe we charged $200 or $250 if the borrower elected to use it.

This results in an added cost, which can range from say $400 to $1,000 or more. And a longer home loan process as the appraisal is ordered, conducted, and submitted.

It can also lead to uncertainty regarding the collateral value, possibly jeopardizing the loan late in the game if the human appraiser returns with a value below the purchase price.

For these reasons, receiving an appraisal waiver can be a blessing. What’s not to like? A faster, lower-stress loan approval and reduced borrowing costs.

But as mentioned, these only applied to loans where borrowers were able to come in with a 20% down payment.

This clearly didn’t help those most in need, namely first-time home buyers and/or lower-income borrowers who could only muster 3-5% down.

Well, beginning in the first quarter of 2025, these money-saving waivers will be expanded from an 80% maximum LTV to 90% LTV/TLTV.

So if you come in with just 10% down on your home purchase, you might soon be able to skip the appraisal too.

now it makes sense...you are one of them

 

[glenn walker]

This results in an added cost, which can range from say $400 to $1,000 or more. And a longer home loan process as the appraisal is ordered, conducted, and submitted.

It can also lead to uncertainty regarding the collateral value, possibly jeopardizing the loan late in the game if the human appraiser returns with a value below the purchase price.

For these reasons, receiving an appraisal waiver can be a blessing. What’s not to like? A faster, lower-stress loan approval and reduced borrowing costs.

But as mentioned, these only applied to loans where borrowers were able to come in with a 20% down payment.

This clearly didn’t help those most in need, namely first-time home buyers and/or lower-income borrowers who could only muster 3-5% down.

Well, beginning in the first quarter of 2025, these money-saving waivers will be expanded from an 80% maximum LTV to 90% LTV/TLTV.

So if you come in with just 10% down on your home purchase, you might soon be able to skip the appraisal too.

now it makes sense...you are one of them

Total BS we were capped on the waiver fee you, couldn't pad extra $ onto it by higher fees or rate. You just make thing's up. Lmao

 

[glenn walker]

A waiver was like $200-$250 if issued by GSE A capped fee. If the borrowers elected to have a full appraisal they paid $400.00 to $550.00 unless in Rural or Complex. The lender's make no profits on waivers or appraisal fees. It's not a profit center.

 

[Surf Cat]

Total BS we were capped on the waiver fee you, couldn't pad extra $ onto it by higher fees or rate. You just make thing's up. Lmao

Doesn't anyone get a good faith estimate anymore?

The wife and I nailed the lender to the wall going page by page through the final purchase contract, comparing all the fees with the GF estimate. They had to amend it several times for our primary residence. Thinking their fancy smancy office was going to sway us to sign or initial each page quickly.....

For our 1st property.....we got bent over. We learned.....

 

[glenn walker]

Doesn't anyone get a good faith estimate anymore?

The wife and I nailed the lender to the wall going page by page through the final purchase contract, comparing all the fees with the GF estimate. They had to amend it several times for our primary residence. Thinking their fancy smancy office was going to sway us to sign or initial each page quickly.....

For our 1st property.....we got bent over. We learned.....

Yes a long one and one thing nobody's playing games with is lying about the cost allowed for using a waiver. It's granted by the system not chosen. If allowed then the borrowers can choose to get a full appraisal if they believe the property is worth more or less. Everything's above board no reason to play games.

Prior to Dodd Frank lenders couid play
a lot of game's using junk fees but Dodd Frank and today's disclosure closed 95% of loopholes. It's obvious Dumb and even Dumber on here, haven't reviewed a modernized disclosure form in years.

 

[Surf Cat]

Everything's above board no reason to play games.

Everyone was frigging flying sideways the last time we bought LOL

 

[NJ Valuator]

There was a free 2 week trial that I used. I agree with NC Appraising that it is 50/50. The site extraction determinations are a bit off the wall. However, I signed up for a month and after 2 days nothing but glitches and errors. It is difficult to explain without being familiar with the platform, but its says that I did not fill all of the required data(even though I did) and because it thinks that I did not the program does not move forward.

I have sent countless emails explaining the issue. I received a response asking for screenshots of the error which I sent several times. They said that "The engineering team is still working to pinpoint where the bug is to assist, as soon as we have an answer for you we will let you know" and "we are extremely short staffed at this time" and "we were purchased by Inspectify 3 months ago and there have been a lot of changes. We need to update our support line systems". A lot of good this does me. I wish I had known this prior to paying for the service. Now I am getting no responses. No status updates. No one answers the phone. No replies to my emails. No responses in the chat feature. I should get a refund.

 

[Mejappz]

Fannie Mae and Miss Heather are responsible. What do you get in return for incompetency? A promotion by the GSEs. So sad.

 

[NC Appraising]

OK. I was going to stay out of it, but I forgot to take my meds so here goes.

I have no proof and it is only my gut feeling....but my theory comes from here
https://www.aloftappraisal.com/corporate/business-model and the mortgage bankers need for 1-2 day reports.

Did they team up with the GSEs with a secret handshake? I have no clue. Probably not. The gses have minimal uad standards to meet.

Could they have thrown around some ideas at some conferences? Sure.

There's a appraiser e learning podcast with Jeff Bradford on nighthawk, and he points to the latter. Not bashing...just more proof on tech driven appraisals. I think some are good guys. Like Jeff and alamodes Joel baker, a stand up guy.

So here it is:
1. The tech guys on the west coast were looking for a way to make a quick buck. How did a ex facebook employee know about the appraisal field? How did they know about this. Worth looking into.

2. The tech guys have this save the world, I'll fix it, I'm smarter than you mentality. But it's mostly about ego and making money.

3. So they developed a push button appraisal software so that all of these newbie perea appraisers can do with a click of a button. *from their website, how are we going to replace 30,000 appraisers?

Simple as that. All of the old experianced appraisers are being pushed out and these ego driven tech guys that are smarter than us are producing push button appraisals for these new perea appraisers.

FINAL THOUGHTS
Are these new products being developed to help us to become better appraisers OR. to simply to help the perea appraisers, skippy's or the national firms to produce 24 hr push button appraisals?

One more thing...could their be some good guys at the gses that are trying to save us from total destruction? A battle from within?

I'll let you decide.