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Another Modernization Thread

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
a good change would be for the banks having to order and maintain their own appraisals. and the banksters pay their departments. the AMC model has driven appraisals and appraisers in the ground.
public trust they say


:rof::rof::rof:
That Ship Sailed a long time ago and it's not coming back :)
a good change would be for the banks having to order and maintain their own appraisals. and the banksters pay their departments. the AMC model has driven appraisals and appraisers in the ground.
public trust they say


:rof::rof:
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio

Homeowner files bias complaint after removal of Black art, photos leads to $100K appraisal increase​


After Duffy saw FHCCI Executive Director Amy Nelson speak to a community group about discrimination in housing appraisals, during which she pointed to a recent New York Times article about the issue, she decided to try her own test.


“I decided to do exactly what was done in the article,” Duffy said. “I took down every photo of my family from my house. I took every piece of ethnic artwork out. So any African artwork, I took it out. I displayed my degrees, I removed certain books.”


Duffy asked a white male friend to sit in on the home appraisal. In addition, she did not declare her race in her application or communications with the appraisal company. The new appraisal came back at more than double the first two, valuing her home more than $100,000 higher.


“I get choked up even thinking about it now because I was so excited and so happy, and then I was so angry that I had to go through all of that just to be treated fairly,” Duffy said.


In the two complaints, Duffy and FHCCI ask the U.S. Department of Housing and Urban Development to investigate the difference in the appraisals. In the first two appraisals, Nelson said comparable sales, or comps, were pulled from Black neighborhoods more than a mile from Duffy’s home rather than those nearby that were closer to the specifics of her house.


pile driver :rof: :rof: :rof:
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
Dustin Harris runs a Skippy Mill in East Idaho. He fancies himself as the Ray Kroc of the appraisal industry, putting together reports on an assembly line with different people working on each part of the process.
 

NC Appraising

Senior Member
Joined
Apr 28, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
Dustin Harris runs a Skippy Mill in East Idaho. He fancies himself as the Ray Kroc of the appraisal industry, putting together reports on an assembly line with different people working on each part of the process.

Maybe Fannie Mae can send him one of those letters?

Just imagine when these hybrids become the norm and trainees flood the market.

Cert appraisers will cover the entire state and multiple states, with trainees doing most of the work. Inspecting, typing, etc. No one will ever know. At least when the cert is required to inspect the property, there is some evidence if the appraiser is caught lying as the home owner is there, realtor or the SUPRA can provide a trace if some sort.

What goes around comes around. When a couple of trainees learn his process, maybe they can put him out of business.
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
More modernization on the way:


48788950-99F3-4268-ACF0-31304181FAD0.jpeg :
 

Highlander416

Member
Joined
Feb 16, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
Does a waiver need a trainee? Waivers are 50% right now. When the market slows, what are all these trainees going to work on?
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Haven't seen this one before. Hopefully it dies for lack of interest. Can't really evaluate WTF it means without knowing the details of their "tools and technology".

"Apprentices" that I have not trained myself? No thank you. :mad:
hmm, hidden waivers......if we haven't seen them use an Etch a Sketch successfully, they are more than likely Not going to meet our Qualifications expectations
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
When the market slows, what are all these trainees going to work on?
They will get first shot at whatever trickles in while the ding-a-lings who trained and helped them earn certification are starved out.
 
Last edited:

ramrcdk

Senior Member
Joined
Jan 15, 2008
Professional Status
Certified Residential Appraiser
State
North Carolina
Recent as this week : article in Working RE.
I had the time, so I read the lengthy article with graphs & projections to the future of "how we need to modernize".


" In February 2021, the combined share of waivers rose to 49% of all GSE "valuations." You read that right, currently appraisal waivers make up approximately 49% of all valuations for GSE mortgage transactions. "

" Across loan types, nearly 70% of rate and term refinances have received an appraisal waiver; over 30% of cash-out refinances and over 10% of purchases received a waiver in the final months of 2020. See Figure 2: Appraisal Waiver Share by Loan Purpose for details."
 
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