Chalk one up to The Rotation

[The Warrior Monk]

David is right, I have worked for a few local federal savings banks for years who have done things the old fashion way. THe HVCC is of zero concern to them because they have always been responsible with their collateral risk assessment.

FWIW, we track the Lis Pendens to see who is filing. I cannot remember when the last time we appraised a property that went into foreclosure. Naturally, events happen beyond an appraiser's control: people lose jobs, they get in over their head with credit card debt, etc. and default.

But it appears that these lenders that order in house carefully examine the files, and actually care about what they are lending. It is extremely rare that made a bad lending decisions. The most recent example that I've seen one of them do is pull out of the car financing market...default rates are getting to high, so they've decided to invest elsewhere, rather than throw more money out the window.

I've figured out what lenders use AMCs just by looking at the Lis Pendens. Coinicidence?

 

[TC]

Another 22 year client will be biting the dust come Jan 5th courtesy of the HVCC. I love the rotation, it will help all the lazy appraisers who can't market themselves.

TC