AMC hires Convicted Felon as Property Data Collector

[Mejappz]

This is not a matter of consumer protection, better appraisals, etc. It is a common sense issue. Appraisal Management Companies are using this as a new way to make more money. Yes, the Zillow debacle is a perfect example.

 

[Bill75]

This is not a matter of consumer protection, better appraisals, etc. It is a common sense issue. Appraisal Management Companies are using this as a new way to make more money. Yes, the Zillow debacle is a perfect example.

I think it's a ploy for Fannie to get lower income people into homes by waiving appraisals and now they are trying to do away with the higher DTI ratio fee they are charging. It will be a 2008 all over again. Well it will be a good time to purchase more investment homes by then.

 

[djd09]

Lender responsibilities
In transactions involving property data collection, the lender is responsible for

• verifying and having the ability to demonstrate that the
data collectors are vetted through an annual background
check, are professionally trained, and possess the essential
knowledge to competently complete the property
data collection,

 

[Surf Cat]

Lender responsibilities
In transactions involving property data collection, the lender is responsible for

• verifying and having the ability to demonstrate that the
data collectors are vetted through an annual background
check, are professionally trained, and possess the essential
knowledge to competently complete the property
data collection,

Well.... that sounds professional and that's what they're going to feed the Borrowers.

But it all comes down to the end user, the borrower saving money. Is the borrower going to care that Johnny felon is walking through their house for a refi or a purchase for $200 or a licensed appraiser for $600?

All the borrower has to do is follow around Johnny felon to make sure he's not leering at his daughter or wife's jewelry and he saves $400.

What's the incentive to have the professional appraiser at $600 do it instead?

Licensed professional, more accurate valuation, prohibits the borrower from possibly extending themselves beyond their means (which actually, they may not like) , more accurate information garnered which would prevent the lender from making a bad lending decision.

The former sounds better but will it to the borrower who can save $400?

 

[Tiffany Gibbons]

Well.... that sounds professional and that's what they're going to feed the Borrowers.

But it all comes down to the end user, the borrower saving money. Is the borrower going to care that Johnny felon is walking through their house for a refi or a purchase for $200 or a licensed appraiser for $600?

All the borrower has to do is follow around Johnny felon to make sure he's not leering at his daughter or wife's jewelry and he saves $400.

What's the incentive to have the professional appraiser at $600 do it instead?

Licensed professional, more accurate valuation, prohibits the borrower from possibly extending themselves beyond their means (which actually, they may not like) , more accurate information garnered which would prevent the lender from making a bad lending decision.

The former sounds better but will it to the borrower who can save $400?

Too bad some borrowers will be purchasers who don't live in the home yet. On refinances, the borrower sometimes follows the appraiser around, but on purchases, there are sellers that have to work, or are in the process of moving, and most realtors use key box for showing and appraisers, home inspectors, pest control, repair work, and cleaning. Realtors can give a temporary code, but most Pest Control, Home Inspectors, etc. are also licensed and are Associate members of the local board or Realtors like appraisers are. Even new vacant homes have new appliances to worry about. And the AMC will still collect the $600 from the borrower, they'll just keep more. They are not pitching this to borrowers, IMO.

 

[Surf Cat]

Too bad some borrowers will be purchasers who don't live in the home yet. On refinances, the borrower sometimes follows the appraiser around, but on purchases, there are sellers that have to work, or are in the process of moving, and most realtors use key box for showing and appraisers, home inspectors, pest control, repair work, and cleaning. Realtors can give a temporary code, but most Pest Control, Home Inspectors, etc. are also licensed and are Associate members of the local board or Realtors like appraisers are. Even new vacant homes have new appliances to worry about. And the AMC will still collect the $600 from the borrower, they'll just keep more. They are not pitching this to borrowers, IMO.

I think the AMC's are pitching to the lenders that it will be cheaper and faster. That's the whole idea!

 

[Bill75]

Well.... that sounds professional and that's what they're going to feed the Borrowers.

But it all comes down to the end user, the borrower saving money. Is the borrower going to care that Johnny felon is walking through their house for a refi or a purchase for $200 or a licensed appraiser for $600?

All the borrower has to do is follow around Johnny felon to make sure he's not leering at his daughter or wife's jewelry and he saves $400.

What's the incentive to have the professional appraiser at $600 do it instead?

Licensed professional, more accurate valuation, prohibits the borrower from possibly extending themselves beyond their means (which actually, they may not like) , more accurate information garnered which would prevent the lender from making a bad lending decision.

The former sounds better but will it to the borrower who can save $400?

"All the borrower has to do is follow around Johnny felon to make sure he's not leering at his daughter or wife's jewelry and he saves $400."

What if they are casing the joint for their buddy's to come back in a week when everyone is gone... Following them around means nothing.

 

[djd09]

© 2023 Fannie MaeApril 2023 | 1Value
Acceptance +
Property Data
Fact Sheet
Value acceptance + property
data extends value acceptance
(appraisal waiver) benefits to more
borrowers while identifying current
subject property characteristics
including condition.

Note: Fannie Mae estimates that value acceptance (appraisal waivers) on
loans sold to us saved mortgage borrowers over $2.1 billion in 2020-2022.

https://singlefamily.fanniemae.com/media/33581/display

 

[Tiffany Gibbons]

© 2023 Fannie MaeApril 2023 | 1Value
Acceptance +
Property Data
Fact Sheet
Value acceptance + property
data extends value acceptance
(appraisal waiver) benefits to more
borrowers while identifying current
subject property characteristics
including condition.

Note: Fannie Mae estimates that value acceptance (appraisal waivers) on
loans sold to us saved mortgage borrowers over $2.1 billion in 2020-2022.

https://singlefamily.fanniemae.com/media/33581/display

The average appraisal fee was estimated at $1000, right? Lol

 

[Zoe]

© 2023 Fannie MaeApril 2023 | 1Value
Acceptance +
Property Data
Fact Sheet
Value acceptance + property
data extends value acceptance
(appraisal waiver) benefits to more
borrowers while identifying current
subject property characteristics
including condition.

Note: Fannie Mae estimates that value acceptance (appraisal waivers) on
loans sold to us saved mortgage borrowers over $2.1 billion in 2020-2022.

https://singlefamily.fanniemae.com/media/33581/display

I ain't buying GSE stock.

I can smell govt takeover coming. Probably pay $0.25 a share.