Appraisers Need Not Apply -- Article on Waivers

[Joe Flacco]

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.

 

[Joe Flacco]

Even when it comes to lending there is more unbiased opinion that can be provided other than value. Answer questions like is it a good time to lend. Should we be lending aggressively or should be we turning cautious. Assisting with strategy and stuff. Accounting and law encroaching on our territory.

 

[George Hatch]

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.

I don't know why you persist with the lie of "mortgage broker estimates".

"lender accepted value" is not a reference to "mortgage broker's estimate". It's a reference to their use of valuation services other than an appraisal. Like an AVM.

There's nobody here who doesn't understand what the reference means. You're wasting your time trying to convince people otherwise.

 

[Joe Flacco]

I don't know why you persist with the lie of "mortgage broker estimates".

"lender accepted value" is not a reference to "mortgage broker's estimate". It's a reference to their use of valuation services other than an appraisal. Like an AVM.

I am not sure the exact process but I would think that the process involves loan originator or the seller providing loan amount as well as estimated value. From there a waiver is issued or an appraisal is required.

 

[Joe Flacco]

For transparency purposes, the GSE's should just publish or make public their values for each property.

 

[Joe Flacco]

I wonder if the GSE values fluctuate frequently like other algorithms like Zillow. I am pretty it does. I would like to see how it behaves and changes. I think their values should be made public by a Zillow like website.

 

[Joe Flacco]

I have questions like if more waivers are issued in certain neighborhoods than in other neighborhoods. I would like to see the demographic breakdown of waiver issuance. These are all things that should be made public under government oversight.

 

[djd09]

I don't know why you persist with the lie of "mortgage broker estimates".

"lender accepted value" is not a reference to "mortgage broker's estimate". It's a reference to their use of valuation services other than an appraisal. Like an AVM.

There's nobody here who doesn't understand what the reference means. You're wasting your time trying to convince people otherwise.

me lying why would?

posting article after article is not verification . poor appraisers almost as duped as the borrowers

 

[glenn walker]

Exactly. That is why independent investigations is appraisal territory.

Almost all investigations end up being useless and the reason is why is the people who order the investigations are normally just delivering their findings to the same people who created the problem in the first place. That's why in DC politicians love to establish Blue Ribbon Committees to pretend they are trying to get to the truth when in reality they are just deflecting what they already know and often were the creators.

90% of the time by the time the investigation has been completed the public forgot about it because now they are focused on the newest and most interesting event or crisis. I have been in this Real Estate Rodeo since 19 years old and now 65 years old and I know one thing and that is everything is done for a profit and appraisers are not part of the profit puzzle unless they hit the Bulls-Eye and so they have little to no weight or say and many do not understand that there is no financial incentive to have residential loan production appraisers. The only thing that has bought us time is technology takes time to catch up- but now it's being advanced quickly. Also asset managers realize that since most lenders are not holding their-own loans it's silly to care what individual properties are worth. Its all about managing the loans in their totality. By 2025 we could see waivers as high as 70% on all refinances. Appraisers will survive but the easy cookie cutters will mostly be gone and one will have to be a person who works on what I call projects. A project is a SFR that takes 2 hours to measure and 72 hours to complete. And worst part is the fees will only be about $150 more than today's cookie-cutter.


The real risk issue could be mitigated but its evident the GSE and agencies are lowering rates as prices rise and also raising loan limits and when teamed up with the appraisers who in some areas are making large positive time adjustments- we have all been caught in a game of pushing asset prices and loan amounts to the very top of hill. In times when markets become as irrational as SO CA whre a medin saels price in Los Angeles County is over $650,000 the appraisers are no longer really appraising and are just confirming the auctioneers highest winning bid and now that bid becomes market value. But, But, But. it's different this time. YES-IT IS

 

[djd09]

and forget about cert 12, yeah the same ones appraisers have been signing for 15 years