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Appraisal Institute ‘concerned’ With Freddie Mac Policy Changes Re Appraisals

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Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Appraisal Institute ‘Concerned’ with Freddie Mac Policy Changes

Citing similarities to previous policies that “turned out to be disastrous for the entire economy,” the Appraisal Institute on Oct. 31 expressed “serious concerns” with changes to Freddie Mac’s Loan Advisor Suite. Under its new policy announced Oct. 24, Freddie Mac will waive appraisals in lieu of an “appraisal alternative” in a host of situations, including first-purchase loans. > FULL STORY
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Does FHFA or The Fed, or the Office of the Budget, realize how fast Fannie, Freddie, FHA, VA's portfolio turns to dust with an increase in interest rates? They should be very careful or the last "Great Recession" will look like a cake walk.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
No one listened in the run up to 2008 and no one listens today. It's all about the money. Housing is just another tool in managing the economy. Just like the FED uses money supply and interest rates to stimulate the economy, loose lending standards are used to implement loose monetary policy.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
No one listened in the run up to 2008 and no one listens today. It's all about the money. Housing is just another tool in managing the economy. Just like the FED uses money supply and interest rates to stimulate the economy, loose lending standards are used to implement loose monetary policy.


Reference;
Making Case for an Appraiser’s Judgment
By Tim Andersen, MAI

Thus, to deny that an appraiser’s judgment should be part of how much of an adjustment to use in any given situation is to deny that appraisers can be competent. A competent appraiser promotes and maintains a high level of public trust in appraisal practice in part via the exercise of his/her judgment. Therefore, judgment is at the core of what we do and who we are as appraisers.

Denying the Public; an Independent / Unbiased Judgement, is Defrauding the Public of it's "Equity Rights of Redemption", that each and every Homeowner is entitled to under their Contract Rights of a Mortgage Agreement.
 

Renee Healion

Elite Member
Gold Supporting Member
Joined
Feb 21, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Hard money lenders actually want appraisals. Guess it's different when you're lending your own money.

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J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I have found in my area at least, many hard money lenders don't use appraisals, probably because they require such a large amount down ( 40% or more), and have much shorter terms of repayment with balloon due at end of note.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
Hard money lenders actually want appraisals. Guess it's different when you're lending your own money.

.

The IRS demands a qualfied appraiser performs an appraisal of real property for estate tax or donation or gift according to tax reulations. So the government does not accept alternative valuations.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I have found in my area at least, many hard money lenders don't use appraisals, probably because they require such a large amount down ( 40% or more), and have much shorter terms of repayment with balloon due at end of note.

Bail bonds want real property appraisals. I get called all the time for these.
 
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