Asked AI ChatGPT if AI was going to Replace Appraisers...here is what it said back.

[glenn walker]

CFPB is the key to door. I liked the man in charge. There was no BS. He got my message I hope.

They only deal with consumer complaints not how appraisals are ordered.

 

[Zoe]

CFPB has nothing to do with how appraisals are ordered and neither does the White House and all you received was a standard form letter that nobody read, I have hundreds of them. That Ship Sailed and the committee is on vacation and MS Fudge E-mailed me and told me to tell you no Buenos

You are full of crap. Okay, Let's focus on federally insured transactions. Can you please focus Glenn?

 

[glenn walker]

Bull crap. So now your saying no lender pressure.

Let's go back to square one. Where was pressure coming from. Was it federally insured transactions?

No lender pressure all borrowers and appraisals were stamped approved and please move to funding desk

 

[Zoe]

Your killing me Glenn. I am an old man. Don't send me to early grave.

 

[glenn walker]

You are full of crap. Okay, Let's focus on federally insured transactions. Can you please focus Glenn?

No I am focused 99% of all our loans that defaulted were due to unqualified borrowers who found out they could no longer make payments. Sure appraisals had a small part in the game but loose Underwriting was the real problem. But now everything is fine so no big deal

 

[Zoe]

No lender pressure all borrowers and appraisals were stamped approved and please move to funding desk

Okay, were these federally insured transactions you refer to?

 

[Zoe]

No I am focused 99% of all our loans that defaulted were due to unqualified borrowers who found out they could no longer make payments. Sure appraisals had a small part in the game but loose Underwriting was the real problem. But now everything is fine so no big deal

You are wrong. many appraisers overinflated property from lender pressure which were federally insured.

Okay, I'll throw you a big curveball. Why does VA have lowest loss ratio of any single family loan provider?

 

[glenn walker]

Okay, were these federally insured transactions you refer to?

No maybe 25% to 35%--The Federally insured ones did much better as they never had liar and no doc program loans. But by 2009-2010 even the Federally Insured ones in CALI were in trouble.

 

[Zoe]

No maybe 25% to 35%--The Federally insured ones did much better as they never had liar and no doc program loans. But by 2009-2010 even the Federally Insured ones in CALI were in trouble.

Who engaged the appraiser?

I worked the meltdown. Don't tell me some appraisals were not inflated.

Let HUD engage appraisers.


Why do you have a problem with reinstalling HUD fee panel?

 

[glenn walker]

You are wrong. many appraisers overinflated property from lender pressure which were federally insured.

Okay, I'll throw you a big curveball. Why does VA have lowest loss ratio of any single family loan provider?

in my area there was almost no VA loans being made until about 2015 as other lenders had easy qualifying, fast appraisals and VA was not a competitive program. In 2007 I think we funded about 2% of all volume. Today VA in my area is back to its low volume at about 3% to 4% of all loans done, so its not a major player out here right now. VA highs on loan volume out here was at about 8% to 9% of all volume out here , but like I said its dead right now. BUT in year 2015 to 2020 almost all our VA Appraisals were coming in at Purchase Prices and unlike old the VA guys the new ones were hitting the numbers almost every time.