Better Hit That Number!

[TerryRohrer]

Deficient in what way? They can make anything up and say it was deficient - lack of enough commentary, the support for some little adjustment - a measnruement 5 feet off -anything.. USPAP says perfecto is not possible. Yet there is no punishment for abusive ROV based on the number was not hit nor any standard of what a deficiency is to make a complaint.

We all know, that the ROV mainly triggers for not hitting the number. Combined with the FF policy of letting UBER drivers inspect, and the loan officers write in their desired value ( as long as it is in the AVM range ), the antics make the Big Short movie look like HS. All this draconian on the appraiser and inducement of pressure while the rest of the valuation is a free-for-all now, with non-licensed people inspecting and loan officers estimating the value in a waiver/value acceptance ( as long as it is in the AVM range for those who pounce on that ).

Straight out of the RELs/Wells Fargo playbook...if you don't conform to our demands in a timely fashion, we will ensure you lose more than your fee for completing this assignment.

 

[Overimprovement]

Any STNG fans out there?

Interrogator: How many lights do you see?
Picard: There...are...four...lights.
Interrogator: WRONG (Terrible shock), there are five lights!

 

[LesPaul59]

I don't really see anything different here.

 

[TerryRohrer]

I don't really see anything different here.

Eyes wide shut?

 

[chad hampton]

Give the user what they want. Even worse than those nasty mtg brokers.

 

[Mejappz]

Give the user what they want. Even worse than those nasty mtg brokers.

Yep. At least you got paid during the MB days.

 

[LesPaul59]

Eyes wide shut?

If you have a solid report then what is the problem?

 

[TerryRohrer]

If you have a solid report then what is the problem?

I believe any effort to explain would be wasted here.

 

[Elliott]

"Appraiser News
Wednesday, May 1, 2024

Scrutiny of appraisals following investigative reports has led to less discrimination, according to the Real Deal Estate news. Chicago appears to be turning the page on racial bias in real estate appraisals.

The number of appraisals skewed by racial discrimination decreased by 80 percent between 2021 and 2023, Crain’s reported, citing a study by Fannie Mae.

The report sheds light on the ongoing efforts to tackle the issue of appraisal bias. Since 2021, heightened awareness of racial bias in appraisals, spurred by sources like the White House and the Chicago-based Appraisal Institute, has prompted increased scrutiny of appraisals for signs of bias.

In 2021, Fannie Mae identified bias in approximately 0.15 percent of the appraisals it reviewed. By 2023, the figure plummeted to 0.03 percent, suggesting a notable improvement in appraisal practices. While specific figures for 2023 were not provided, an estimated 300 cases of bias were identified, a stark reduction from the 1,500 cases flagged in 2021.

The decline in bias, according to industry experts, reflects progress in preventing future harm but does not address the repercussions faced by those previously affected. "

......................

I wonder what Fannie will say when they find appraisers never come in under contract price?

 

[TerryRohrer]

"Appraiser News
Wednesday, May 1, 2024

Scrutiny of appraisals following investigative reports has led to less discrimination, according to the Real Deal Estate news. Chicago appears to be turning the page on racial bias in real estate appraisals.

The number of appraisals skewed by racial discrimination decreased by 80 percent between 2021 and 2023, Crain’s reported, citing a study by Fannie Mae.

The report sheds light on the ongoing efforts to tackle the issue of appraisal bias. Since 2021, heightened awareness of racial bias in appraisals, spurred by sources like the White House and the Chicago-based Appraisal Institute, has prompted increased scrutiny of appraisals for signs of bias.

In 2021, Fannie Mae identified bias in approximately 0.15 percent of the appraisals it reviewed. By 2023, the figure plummeted to 0.03 percent, suggesting a notable improvement in appraisal practices. While specific figures for 2023 were not provided, an estimated 300 cases of bias were identified, a stark reduction from the 1,500 cases flagged in 2021.

The decline in bias, according to industry experts, reflects progress in preventing future harm but does not address the repercussions faced by those previously affected. "

......................

I wonder what Fannie will say when they find appraisers never come in under contract price?

They can't define it, and they can't identify it, but they can measure everything about it within a knat's asswidth!