Appraisers Need Not Apply -- Article on Waivers

[glenn walker]

We can appraise situations, events, etc. Need like a rebranding of appraisal from valuations to unbiased opinions. When people think appraisal they should think unbiased opinions instead of valuations.

People want biased opinions as long as it confirms there wants and needs. Have you ever done an-appraisal on another appraisers property ? Don't if you come in below Contract or if they need a higher value on a refinance they are the biggest cry- baby's I have ever encountered. Just as biased towards their own POS properties as everyone else and no UN-biased objectivity.

 

[djd09]

Representations and Warranties​

When a loan casefile is eligible for an appraisal waiver and the waiver is exercised by the lender, Fannie Mae accepts the value estimate submitted by the lender as the value for the subject property. See A2-2-06, Representations and Warranties on Property Value for more information.

you know what "submitted" means, what do you think some number magically appears

 

[djd09]

Representations and Warranties related to Appraisal Waivers​

In addition to the limited waiver of underwriting representations and warranties available for certain DU loans, when a loan casefile is eligible for an appraisal waiver and the waiver is exercised by the lender, Fannie Mae accepts the value estimate submitted by the lender as the value for the subject property. The property value the lender enters in DU may be based on:
the lender’s estimate of value, determined at the discretion of the lender, or

• the lender’s estimate of value, determined at the discretion of the lender,
  
• the borrower’s estimate of value.

the two most biased parties in the transaction

are you done?

and quit slandering me

 

[djd09]

Fannie Mae does not warrant that the estimated value provided by the lender is the actual value of the subject property. The lender may not make any statements to any third party (including the borrower) that Fannie Mae performed any kind of review, appraisal, or valuation of the property.

 

[George Hatch]

So your position is that the lender is pulling "their estimate" out of thin air or otherwise personally performing their own valuation, and are not using an AVM or other 3rd party valuation?

You know better than that. That's what makes it a lie.

 

[Joe Flacco]

I think the CFPB should revise this rule to including basis for waiver valuations. Weather or not a waiver is granted or not. Consumer should be provided waiver valuation info for why a waiver was granted or not.

 

[Mejappz]

Yeah, I suppose you are correct. I mean that cert has only been on the current forms since 2005. A mere decade and a half is simply too short of a time period to expect that appraisers would have found the time to actually read what they are signing. Instead they just blindly sign those forms, with no idea what they are certifying.

You have no idea the last time that I completed an appraisal - still, good to see you going to the ad hominem playbook. That is the typical tactic for one who cannot discuss an issue using actual facts. When I judged debates for the local high school forensics teams we deducted points for that tactic. In this arena I have just come to expect it.

I wasn’t talking about the certifications . I was talking about FNCs AI ready portal.

 

[Mejappz]

What we have established in this thread:

1) The information the GSEs and AI ready portal extract from an appraisal report is not raw data.

2) Since the data extracted is not raw data it is considered intellectual property and thus can be copyrighted. See the citation from the Princeton and Kent State law library.

3) The way to resolve the issue is to file a law suit and let the courts decide.

 

[DWiley]

What we have established in this thread:

1) The information the GSEs and AI ready portal extract from an appraisal report is not raw data.

2) Since the data extracted is not raw data it is considered intellectual property and thus can be copyrighted. See the citation from the Princeton and Kent State law library.

3) The way to resolve the issue is to file a law suit and let the courts decide.

It appears that you have a basic reading comprehension problem, so I will not direct you again to the US copyright office. They do provide clear guidance, but that is only helpful if one actually wants guidance rather than reaffirmation of preconceived notions.

This is America, so you might find some dim witted lawyer who would take on such a baseless suit. Good luck!

 

[Mejappz]

It appears that you have a basic reading comprehension problem, so I will not direct you again to the US copyright office. They do provide clear guidance, but that is only helpful if one actually wants guidance rather than reaffirmation of preconceived notions.

This is America, so you might find some dim witted lawyer who would take on such a baseless suit. Good luck!

Talk about Ad hominem!! Btw the US copyright office does not settle legal challenges— that’s what the courts are for.