Appraisers Need Not Apply -- Article on Waivers

[Mejappz]

Because of the topic of another active thread - many appraisers do not read what they sign. So, they sign statements acknowledging that it is OK for data in their reports to go to data collection companies, but they still come to sites like this and complain about "their" data being "stolen." You know anyone who would do that?

The GSE reports contained a cert granting permission for the data to be sent to data collection companies long before FNC even existed. And, doing GSE work is a choice - always has been. Many choose not to do GSE work, including some (according to their posts) in this thread. Some choose to do GSE work, but then want to complain about all that entails.

Do you think a staff appraiser pumping out ten or more appraisals per week is going to read some legal document cooked up by some ambulance-chasing attorney to protect these lying crooks? Look, I know the last time you completed an appraisal, T-Rex roamed the earth but come on!

Using your logic for the next appraisal, I complete if I decide to use an Extraordinary assumption, I will use a 2pt font and bury it deep in the addenda after all clients don’t read the reports.

 

[Mejappz]

Appraisal Waivers are Great Too​

Appraisal waivers allow buyers to skip the appraisal. Buyers and sellers both might like this other type of waiver. An appraisal waiver stamps a lender accepted value on the subject property sans appraisal. Also, appraisal waivers don’t only remove the need for an appraisal, they omit the time, cost and hassle of an appraisal. Finally, no appraisal means no appraiser required repairs. All of the above clear up the pathway to closing. Seller enjoy clear pathways.

Appraisal Contingency vs. Appraisal Waiver | HOUSE Team

Appraisal waivers and appraisal contingency waivers are 2 different but effective tools homebuyers use to streamline the buying process. Learn about both.

arizonasmortgagetalk.com

that is right, the scum bag mortgage broker estimates market value, yep, the same ones they separated the appraisers from due to their crookedness.

Exactly. The GSEs are using the data provided by appraisers to take food out of the appraiser's mouth. Does anyone actually believe that they would have been able to use waivers at a record-breaking pace without the stolen data? The CU was initially sold as a "review" tool, not a substitute for an appraisal.

 

[djd09]

Automated appraisals could reach 10 percent of loans

The article notes that around three percent of applications, those eligible for Fannie Mae’s automated underwriting system, have already been able to bypass in-person appraisals. With the new program, up to 10 percent could use the AVM.

Fannie promises limited impact for appraisers

Some appraisers were reportedly apprehensive about getting cut out of more transactions. “It’s almost like digging your own grave,” mused appraiser Ryan Lundquist, noting how appraisers’ data had been used to construct the database that powers the new AVM.

However, Fannie Mae has predicted a “very limited” impact for appraisal professionals. Dawson called the new program an effective and responsible alternative for markets like Seattle and Portland where there is reportedly an appraiser shortage.

https://www.amrock.com/fannie-mae-waiving-some-appraisals-under-new-refi-program/

10% no 50%

 

[Mejappz]

However, Fannie Mae has predicted a “very limited” impact for appraisal professionals.

Sure, just as they said, it's a review tool nothing to see here; move on, folks. I remember a few gullible forumites thought they(the GSEs) would share the data with appraises. Oh, well, as PT Barnum says, there’s a sucker born every minute.

 

[DWiley]

Do you think a staff appraiser pumping out ten or more appraisals per week is going to read some legal document cooked up by some ambulance-chasing attorney to protect these lying crooks? Look, I know the last time you completed an appraisal, T-Rex roamed the earth but come on!

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.

 

[Joe Flacco]

I think lenders should be free to use whatever method of valuation they believe to be appropriate. But then it should be clear that there is no government guarantee.

 

[Joe Flacco]

I think appraisal has more to offer than an opinion of value. Supported unbiased opinions can apply to stuff other than property value.

 

[Joe Flacco]

Appraisal needs something like a rebranding as investigators or analysts providing all types of unbiased opinions instead of being value providers. I think attorneys tend to do stuff like that. Independent investigations and stuff. I think that is appraisal territory.

 

[glenn walker]

W

Appraisal needs something like a rebranding as investigators or analysts providing all types of unbiased opinions instead of being value providers. I think attorneys tend to do stuff like that. Independent investigations and stuff. I think that is appraisal territory.

What are you smoking attorneys are almost always 100% biased and that because they operate under a different business model and their code of ethics-reads like a murder scene and about the only way to get disbarred is to steal clients trust funds. The attorney is a total advocate to win his clients case and he knows 100% damn well in many cases that his client committed the 10 murders he is accused of but it doesn't matter he has a fiduciary responsibility to persuade a judge and jury otherwise he would be useless.

 

[Joe Flacco]

W

What are you smoking attorneys are almost always 100% biased and that because they operate under a different business model and their code of ethics-reads like a murder scene and about the only way to get disbarred is to steal clients trust funds. The attorney is a total advocate to win his clients case and he knows 100% damn well in many cases that his client committed the 10 murders he is accused of but it doesn't matter he has a fiduciary responsibility to persuade a judge and jury otherwise he would be useless.

Exactly. That is why independent investigations is appraisal territory.