Be the Driver, rather than just a passenger of your appraisal practice

[Fernando]

Regardless, Morgan Stanley recommends Wells Fargo Bank as best bank stock to hold. The strict growth restrictions from past wrongdoings helped it from losing more money in future compared to other big banks.

 

[glenn walker]

I think closing costs should be heavily scrutinized. I have seen charges for refinance loans (when rate were the lowest we'd ever seen, and Lenders were definitely "rolling some points and costs into the "cash out" and the internal rate switch to a lower rate. Certainly wasn't in the appraisal fee, lots of pork the average borrower just signs on the dotted line, doesn't know better and the Lender was "selling a lower payment while still raking it in. What could go wrong?

Tiffany thats how its always worked, BUT under Dodd- Frank at least they are now capped. To make sure borrowers don't pay very high fees, Under Dodd Frank a lender making a Qualified Mortgage can only charge up to the following upfront points and fees: For a loan of $100,000 or more: 3% of the total loan amount or less. For a loan of $60,000 to $100,000: $3,000 or less. Note; Prior to Dodd Frank we often saw fees as high as 5% to 7% back ended into the deal. Often a borrower wants to pay a higher fee to save out of pocket cash f paid feees. Example; I would always pay 1/8 % of a higher mortgage rate to save $3,000 in cash. Today its really fair compared to before Dodd Frank,.

 

[glenn walker]

Regardless, Morgan Stanley recommends Wells Fargo Bank as best bank stock to hold. The strict growth restrictions from past wrongdoings helped it from losing more money in future compared to other big banks.

Used to be warren buffet, Today its Hedge Funds and Mutual funds.

Stockholder	Stake	Total value ($)
The Vanguard Group, Inc.	8.13%	13,473,908,749
BlackRock Fund Advisors	4.25%	7,052,055,612
SSgA Funds Management, Inc.	4.24%	7,035,937,943
Fidelity Management & Research Co...	3.49%

 

[Fernando]

Used to be warren buffet, Today its Hedge Funds and Mutual funds.

Stockholder	Stake	Total value ($)
The Vanguard Group, Inc.	8.13%	13,473,908,749
BlackRock Fund Advisors	4.25%	7,052,055,612
SSgA Funds Management, Inc.	4.24%	7,035,937,943
Fidelity Management & Research Co...	3.49%

And Fernando.

 

[DWiley]

So why the push for waivers and riskier appraisal products by that logic?

What data do you have showing that they are riskier?

And Lenders are charging fees for the waivers. What are they charging a fee for?

Perhaps you can ask a lender that question.

 

[djd09]

​

What could go wrong?

all they need is a tax assessment value, a zestimate, or a dart board

 

[glenn walker]

There is no risk when you have a Treasury Department and a Federal Reserve who is your best partner

 

[RCA]

Source?

Doesn't matter. Look at my models on https://www.pacificvista.net/price-models-san-mateo-county. I left out a missing piece - the ranking of the comparables needed to score the subject property. I wanted to keep my distance from providing anything that could be regarded as an appraisal - and created the models as a broker analyst.

But I could have easily made this a semi-AVM, only needing an inspection of the subject property and ranking against an already computer-ranked list of 100+ comparables. based on certain criteria such as condition, quality, design, view. A "person" could come up with a fairly accurate estimate of sale price as of some date, with a casual inspection of the property and then finding its optimal location or fit in a ranked list. A small online program could help expedite things. Although some homes in the top or bottom 5% can be a bit of a problem at times.

I did the entire county of San Mateo. I would say it took me 2.5 weeks the first time doing this in September (although it took longer because I have other things to do). If I had to do it again, them maybe 1 week. - And the process still needs to be speeded up to update the model on a regular basis. To take in a much larger county such as Santa Clara, would require far more work than I am interested in doing. You'd have to create a team to deal with that. San Mateo County (600K+ homes ) is manageable and a cool county to work with.

The future residential appraiser will do this sort of thing. He will build models for counties - and hand them off to inspectors to use. The old residential appraiser disappears. The new one appears. And it is simply new advanced technology with the improvements:

1. Consistency.
2. Objectivity.
3. Speed.
4. Accuracy.

So, appraisal as a profession remains. But, the new appraiser has to be versed in more skills:

1. Non-parametric statistics and data mining.
2. Inspection and measurement technology.
3. Media technology.
4. Database technology and programming.
...


But the GSEs are holding this all back through absolute idiocy. It's so shameful. All those PhD.s are at their disposal and they can't make progress but instead regress into more of a mess. Of course its the whole profession; only for residential the GSEs play a central role.

 

[DWiley]

Doesn't matter. Look at my models on https://www.pacificvista.net/price-models-san-mateo-county. I left out a missing piece - the ranking of the comparables needed to score the subject property. I wanted to keep my distance from providing anything that could be regarded as an appraisal - and created the models as a broker analyst.

But I could have easily made this a semi-AVM, only needing an inspection of the subject property and ranking against an already computer-ranked list of 100+ comparables. based on certain criteria such as condition, quality, design, view. A "person" could come up with a fairly accurate estimate of sale price as of some date, with a casual inspection of the property and then finding its optimal location or fit in a ranked list. A small online program could help expedite things. Although some homes in the top or bottom 5% can be a bit of a problem at times.

I did the entire county of San Mateo. I would say it took me 2.5 weeks the first time doing this in September (although it took longer because I have other things to do). If I had to do it again, them maybe 1 week. - And the process still needs to be speeded up to update the model on a regular basis. To take in a much larger county such as Santa Clara, would require far more work than I am interested in doing. You'd have to create a team to deal with that. San Mateo County (600K+ homes ) is manageable and a cool county to work with.

The future residential appraiser will do this sort of thing. He will build models for counties - and hand them off to inspectors to use. The old residential appraiser disappears. The new one appears. And it is simply new advanced technology with the improvements:

1. Consistency.
2. Objectivity.
3. Speed.
4. Accuracy.

So, appraisal as a profession remains. But, the new appraiser has to be versed in more skills:

1. Non-parametric statistics and data mining.
2. Inspection and measurement technology.
3. Media technology.
4. Database technology and programming.
...


But the GSEs are holding this all back through absolute idiocy. It's so shameful. All those PhD.s are at their disposal and they can't make progress but instead regress into more of a mess. Of course its the whole profession; only for residential the GSEs play a central role.

Interesting, as usual, Bert. Not sure what it has to do with the post you quoted me from. I was asking where the poster got information indicating that 50% to 60% waivers was "here to stay". Still, glad you had a chance to get that off your chest.

 

[glenn walker]

When thing for sure when Danny comes on he is 90% of the time spot on. This makes some feel small and so they have to try and show how smart they are. Same used to Happen when Denis DeSaix was a regular