ASA fired off quite the letter

[J Grant]

There is no proof LMAO

Hey fool, I just provided proof ( the several hundred field reviews I performed )

It just took me a while to post it, meanwhile, you threw on the board one of your usual unfounded invented statements.

 

[ddnma]

I reviewed approximately several hundred appraisals after the housing crash - and the great majority of them were inflated by using various tricks - like 98% of them. However, the ones forwarded to me for review likely had already been flagged as problem reports. I can not tell how many total appraisals were inflated vs good reports out there. They forwarded it seems the identified problem child ones

I know there were also good appraisals done, however, the abuse of the mortgage broker select system (which we had warned about ) resulted in too many bad ones
These were all field reviews btw. I am not the only one to have done them, all over the country there were a lot of these reviews performed.

The most interesting form of the review was one lender would send me out on a retrospective appraisal on a property, then they would compare my appraisal to the one they had on file and if there was enough value difference or other issue, then they would forward me the appraisal they had on file for that same property and order a review of it.

With a waiver, there will not be a review because an appraisal was not done. No system of checks and balances on the value imo.

As someone who in prior posts railed against fake news and misinformation, you should know better to be guilty of the same thing...

Anecdotal evidence is based on experience and observation. Anecdotal evidence is subjective, and unable to be independently verified. Scientific evidence is objective and can be independently verified

So there were tens of thousands of appraisers performing potentially thousands of appraisals each during that time period and you "reviewed" a few hundred in you little part of the world yet you make unsubstantiated statements about all appraisals performed around the country...

 

[glenn walker]

Hey fool, I just provided proof ( the several hundred field reviews I performed )

It just took me a while to post it, meanwhile, you threw on the board one of your usual unfounded invented statements.

Several hundred does not qualify as even a reasonable sample of a market. We were doing several hundred per week for three years. It was not the brokers and it was not the appraisers who blew up the market. It was loose underwriting on risky of borrowers. The truth is if no appraisals had been done it would have been no worse and maybe even better

 

[glenn walker]

Quote : J.G. Grant : "We can support this man or sign a petition and contact agencies, and it is always worth a try, though I doubt it would do much good.

We finally agree on something LOL

 

[glenn walker]

How often are petitions successful?

The analysis shows that the vast majority of petitions do not achieve any measure of success; over 99 percent fail to get the 10,000 signatures required for an official response and only 0.1 percent attain the 100,000 required for a parliamentary debate (0.7 percent in the US).

 

[J Grant]

As someone who in prior posts railed against fake news and misinformation, you should know better to be guilty of the same thing...

Anecdotal evidence is based on experience and observation. Anecdotal evidence is subjective, and unable to be independently verified. Scientific evidence is objective and can be independently verified

So there were tens of thousands of appraisers performing potentially thousands of appraisals each during that time period and you "reviewed" a few hundred in you little part of the world yet you make unsubstantiated statements about all appraisals performed around the country...

I performed several hundred in "my part of the world, and thousands of appraisers were doing reviews in that same time period across the nation, each in "their little corner of the world "

A thing which you seem to know nothing about-Fannie, for quite some time after the crash did their own internal short review of just about every appraisal during that time period, and forwarded the ones identified as potential problem reports to local reviewers all across the country from there - many of which came to the reviewer from lenders ( who also could order their own reviews separate from that program )

 

[djd09]

fannie is like a drug dealer, their forms are the drug, making appraisers and home owners sick

 

[Surf Cat]

I don't know why everyone thinks this Op Ed is so wonderful..... sounds like self-preservation to me. After all, he is the " strategic partnership officer" for the ASA. That title probably comes with a cushy office and a benefits package that's quite impressive. His retirement plans would be ruined if the appraisal industry continues with its nose dive into the ground.

Eloquently written as it is, he still throws home inspectors under the bus. At least the home buying public has a better grasp of what they do than what we do.

 

[J Grant]

Several hundred does not qualify as even a reasonable sample of a market. We were doing several hundred per week for three years. It was not the brokers and it was not the appraisers who blew up the market. It was loose underwriting on risky of borrowers. The truth is if no appraisals had been done it would have been no worse and maybe even better

y. See my post #96 above

There were two truths - without any appraisals, it could have been worse ( though I doubt better ) , but the problem came from the mortgage broker selection, and in those days, if a well-supported appraisal did not hit the value, a mortgage lender could just throw it in the trash and order a new appraisal and if it came in high that was the one they used.

Just think, now we have WAIVERS!!! They use the mortgage lender's own value estimate!! Wow! 2006-2008 all over again, this time it is legal!! Just have the mortgage broker put the value they need, who knew? - the very thing HVCC and Dodd Frank prohibited!!
This time around the waiver green lights it, providing the lenders' value needed estimate falls within an in-house FF value AVM range (ditto for a sale price ). Waivers will soon be called value acceptance but other than that idk what if anything changed.

We begged the regulators and stakeholders to correct the problem, back then, and they did not. Deja vu it seems...

 

[glenn walker]

I don't know why everyone thinks this Op Ed is so wonderful..... sounds like self-preservation to me. After all, he is the " strategic partnership officer" for the ASA. That title probably comes with a cushy office and a benefits package that's quite impressive. His retirement plans would be ruined if the appraisal industry continues with its nose dive into the ground.

Eloquently written as it is, he still throws home inspectors under the bus. At least the home buying public has a better grasp of what they do than what we do.

y. See my post #96 above

There were two truths - without any appraisals, it could have been worse ( though I doubt better ) , but the problem came from the mortgage broker selection, and in those days, if a well-supported appraisal did not hit the value, a mortgage lender could just throw it in the trash and order a new appraisal and if it came in high that was the one they used.

Just think, now we have WAIVERS!!! They use the mortgage lender's own value estimate!! Wow! 2006-2008 all over again, this time it is legal!! Just have the mortgage broker put the value they need, who knew? - the very thing HVCC and Dodd Frank prohibited!!
This time around the waiver green lights it, providing the lenders' value needed estimate falls within an in-house FF value AVM range (ditto for a sale price ). Waivers will soon be called value acceptance but other than that idk what if anything changed.

We begged the regulators and stakeholders to correct the problem, back then, and they did not. Deja vu it seems...

Agree 100% but the Stake Holders disagree with appraisers so we are no longer part of the equation.
I am sorry for appraisers but kinda like when General Motors purchased the California Public Transit The Red-Line in the Fifty s and then closed it down so they could sell more cars. We are the Red-Line Employees and Fannie is the General Motors. Officially being called and marketed obsolete so the public gets used to it and they will embrace the elimination of the appraisers.