Appraisers Need Not Apply -- Article on Waivers

[Elliott]

Working RE magazine has an article this month on the surge in Appraisal Waivers. If it wasn't bad enough we are labeled as racists, purchases are not requiring conventional appraisals, so where are we to get critical sales information directly from the horse? It was nice to be able to say, "I was in that house and know all about the sale." Its business you didn't know you were missing.

Working RE:

https://www.workingre.com/appraisal-waivers-the-future-is-here/

 

[ucbruin]

From my own experience between 2019-2021....
And from the comments many AF members have posted during the same period....
Lenders probably need waivers in order to complete some of their mortgage loans....
As many have stated, the same assignment is offered 3-4 times in the same month....
No appraiser seems to want to accept some assignments....
And at this point it's not about the fee....

I would venture to say that in the past 2-4 weeks....
Approximately 90+% of purchase assignments offered to me....
Are full fee Desktop....

 

[TMG]

Cut corners until they get stung. How about stated income and waivers!!! Awesome.

 

[Terrel L. Shields]

I understand the lack of need to value anew a house where the LTV is 50% or less or they are simply rolling a recent loan into a new lower rate. I have no problem with that. The question to me is are they making 80-90% LTV originations via no appraisal and I suspect the answer is no. And if between 50-80% then it seems a gray area that might best at least consider a drive-by or desktop report.

Are full fee Desktop..

Are you still terrified of "rona' gonna get cha? No interior inspections or even drive bys?

 

[Mejappz]

Working RE magazine has an article this month on the surge in Appraisal Waivers. If it wasn't bad enough we are labeled as racists, purchases are not requiring conventional appraisals, so where are we to get critical sales information directly from the horse? It was nice to be able to say, "I was in that house and know all about the sale." Its business you didn't know you were missing.

Working RE:

View attachment 53078

https://www.workingre.com/appraisal-waivers-the-future-is-here/

Remember, it's for your own good.

 

[2008 KC Royals]

Neighbor across the street got a conventional loan on what was basically a shell at the time. Appraisal waived. Will be interesting to see where this goes but I'm not optimistic.

 

[DWiley]

As I have said before, many are ignoring the fact that the number of appraisal reports being processed by the GSEs is at record levels - yet some still seem consumed by the number of appraisals not ordered. Some appraisers are laser focused on waivers when appraisal volume is 150% or normal levels, and most have more volume than they can do in a reasonable service time. We are such a glass half empty group.

I mean, really? "Appraiser need not apply" is the headline when there is more appraisal work right now than we have ever seen !?! LOL What will the headline be if/when volumes return to normal levels ?

 

[TMG]

As I have said before, many are ignoring the fact that the number of appraisal reports being processed by the GSEs is at record levels - yet some still seem consumed by the number of appraisals not ordered. Some appraisers are laser focused on waivers when appraisal volume is 150% or normal levels, and most have more volume than they can do in a reasonable service time. We are such a glass half empty group.

I mean, really? "Appraiser need not apply" is the headline when there is more appraisal work right now than we have ever seen !?! LOL What will the headline be if/when volumes return to normal levels ?

Working RE magazine is mostly a vehicle for advertisers. OREP and pie in the sky AMCs.

 

[Mejappz]

Neighbor across the street got a conventional loan on what was basically a shell at the time. Appraisal waived. Will be interesting to see where this goes but I'm not optimistic.

I contacted my local newspaper last week about this very same thing.

The subject line I used was: “GSEs Wall Street algorithms put US housing market at risk”.

I got a response two days later and they seemed interested.

Remember to contact the”Business “ or “Real Estate” section of your local newspapers

All it takes is one paper to pick it up and then it goes nationwide.

 

[DWiley]

I contacted my local newspaper last week about this very same thing.

The subject line I used was: “GSEs Wall Street algorithms put US housing market at risk”.

I got a response two days later and they seemed interested.

Remember to contact the”Business “ or “Real Estate” section of your local newspapers

All it takes is one paper to pick it up and then it goes nationwide.

Good idea. I think the fact that appraisal volume is over 150% of what is typical is worthy of national news