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Appraisal Volume

Do you ever mess around with shortwave radio?
No but its on my list. I think the picking up stations from around the globe is quite interesting. I did have a friend who had a tremendous HAM setup. Had 17 different pieces of equipment and at least a dozen antennas, some quite large.
 
In October 2024 FFHA announces that it will increase appraisal waivers by a large margin so if they are waiving appraisals there is no orders except outliers that do not qualify for a waiver . I thought it was election or rates at first as well. Order volume for me same as 2008. The whole purpose of UAD was to harvest our data now they have a Frankenstein AVM that we made.
 
In October 2024 FFHA
One issue is we have the FTC who have stuck their nose in the C & R mandate on the side of the buyer (AMC), we have the FFHA telling the GSEs et al what they can do, we have the CFPB telling us they mandate everything at whimsey to every other regulator, we have Fannie and FHA writing the appraisal rules and procedures, and meanwhile we have USPAP pretending they write the rules, and we are stuck with it all. It's a circular firing squad.

The prudent appraiser should be planning an exit strategy from this industry.
 
Don't underestimate the impact AMCs with staff and national firms like RSDS, Accurity, and True footage have on volume. If your client is a lender who contracted with any of them, volume isn't coming back even if rates drop.
 
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That would have been a bargain when I built my house. I paid 11% plus on construction loan and over 10% for the permanent financing. I refi'd about 3 times and lowered it to just below 7% as my final few years played out. I've had a farm loan that was 5%, but 7% plus minus was the cheapest money I borrowed on home loan.
That was a deal 7% in 2006 I was happy with 7.50%
 
Big news: Starting in 2025, the eligibility for appraisal waivers is expanding. Loans with up to 90% LTV will qualify for standard appraisal waivers, up from the previous cap of 80%. Even better, inspection-based waivers—like Freddie Mac’s ACE+ PDR program—will allow loans with up to 97% LTV, so buyers with as little as 3% down can avoid appraisals entirely.

the above from a mortgage lender's website

In my rough estimation, whatever purchase appraisal volume those who do mortgage ending will be cut in half, or more than half - since the work we were getting was those loans with less than 20% - down - that will be gone except for problem child properties and problem child buyers that do not qualify - or those buyers who want the protection of the appraisal financing contingency which is in a number of contracts - a buyer does not have to accept a waiver if offered. (but many will, no doubt )

I doubt many MB websites will mention that the borrower can pay a few hundred bucks upfront by not getting an appraisal, but, due to waiving the appraisal contingency, they can overpay for a property by tens of thousands of dollars.
 
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Yes we are in big trouble and so are appraisal software companies, AMC.s , E&O insurance companies, list goes on they just don't know it yet
 
Not sure if I can renew this year 2025 based on the mortgage scraps and un-appraisaseble garbage
 
Yes we are in big trouble and so are appraisal software companies, AMC.s , E&O insurance companies, list goes on they just don't know it yet
Yup - anyone who welcomes Musk fire them all ! Efficiency in every aspect of govt and work might want to look at what it did to the appraisal profession and the public trust -
The GSE entities are more efficient now thanks to WAIVERS, but to what end? They do not make lending less risky,

It destroyed the res license profession to a large degree and despite the claims of it saves consumers money, ( citing over a billion $ in fees a year), those same consumers are still paying hundreds of billions in lender fees and charges, trillions if you add in RE commissions - their saving n an appraisal fee is drop in the bucket - and the borrowers can end up losing tens of thousands later by possible over paying or over-borrowing in a WAIVER.

It is not a conscience that as these "efficiencies" (waiverfs but also AMC;s failing as the firewall) became insidious, that more and more RE is not sold to owner occupants but rather to LLCS's and investors, with many owner occupants permanelty priced out of the market due to high prices that might be propped up by some of the changed valuation protocols.
 
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