Collateral Underwriter "suggested Comparables"

[timd354]

when they used to have the summary appraisal one just needed to state. they only care about the number. how many times has a client ever mentioned the description.


You may not like to hear this, but the reality for most residential appraisers is that the overwhelming majority of their income is directly due to the appraisal demand that is ultimately generated by the GSEs...so, yes residential appraisers as a group are among the biggest beneficiaries of the GSE bailout

I know numerous appraisers that had to quit do to the lack of business since the biggest bailout in us history.
[/QUOTE]
You would have known a whole lot more residential appraisers who would have had to quit the profession if not for the bailout of the GSE's and the entire secondary mortgage market...if you don't think that is th

when they used to have the summary appraisal one just needed to state. they only care about the number. how many times has a client ever mentioned the description.


You may not like to hear this, but the reality for most residential appraisers is that the overwhelming majority of their income is directly due to the appraisal demand that is ultimately generated by the GSEs...so, yes residential appraisers as a group are among the biggest beneficiaries of the GSE bailout

so between the lenders, fannie, realtors, builders, title companies, and appraisers who makes the least per deal.? I know numerous appraisers that had to quit do to the lack of business since the biggest bailout in us history. what were the bonuses for fannie in 2009,2010,2011? and why now would i think they will not go belly up in the future?
so lenders produce NO DOC LOANS and then market implodes and the appraisers benefit. funny[/QUOTE]
You would have known a whole lot more residential appraisers who had to quit the profession if not for the bailout of the GSE's , which prevented the secondary mortgage market from entirely collapsing...if you don't think that is the case, then you are simply not grounded in reality

 

[djd09]

if the gse's collapsed then there would have been less competition (good for the survivors), less regulations (independence) , higher fees (no AMC's) , COD (miss those) , and who says that the "private market" would not pick up the pieces.

 

[J Grant]

Bailout money is not a gift it is a loan, many banks have already repaid it with interest.

 

[djd09]

during the bailout 9 out of every 10 calls to the politicians office were against bailouts ("we the people" guess again). what if they didn't pay the loan back (solyndra)? what prevents them to require more loan money? why do you think a fannie that failed once will not fail again? just keep in mind fannie history. do i need to mention other scandals from within?
why not the private market?

 

[Eli]

So does the lottery, but that means nothing. It is serendipity at best, and punitive as its worst. That's what I think. And "Standard" might just pass muster if they are looking at the ratings only as a means of vetting.

I think the system is really gonna get those practically doing appraisals with no license. I think that is one of the directions this is headed. If you think about it, they have those numbers as they correlate to "quality", or should I say credibility/reliability. If someone isn't trained their analysis will pick up on it in many cases, which will lead to deeper analysis by skilled labor. It should, and I'm good with that because it can improve both management and labor in general. Production rate as it relates to risk factors is an easy track for them. In production, as the rate of production increases, the risks of error increase, especially with unlicensed or less skilled labor. I am convinced many doing appraisals simply don't have the knowledge necessary for the job they are doing and have been pressed for faster, faster (bad combo). FNMA has tools that has picked up on it. One thing they are saying to everybody (many) is "slow down and do it right because we've got ya number and we know where to find ya".

 

[huntercharlie]

Actually, I am not kidding one bit. If you think that residential appraisers did not benefit hugely from the government bailout of the GSEs and the mulitple rounds of QE that saved the secondary mortgage market and pushed mortgage interest rates to absurdly low levels, then you simply do not understand the reality of the secondary mortgage and capital markets. If the secondary mortgage market had been allowed to collapse in 2008, then most of the demand for residential mortgage appraisal work that has occurred since 2008 (including some nice refi runs the past few years) would have never occurred.

You may not like to hear this, but the reality for most residential appraisers is that the overwhelming majority of their income is directly due to the appraisal demand that is ultimately generated by the GSEs...so, yes residential appraisers as a group are among the biggest beneficiaries of the GSE bailout[/QUOTE]

Seriously? You manipulated your original post. There are numerous "groups" that did, and still are, benefiting SUBSTANTIALLY MORE than appraisers due to low interest rates (see a prior post above). Yes, I get how the GSEs relate to the business - I don't need a lesson. BTW - less than 25% of my work last year was GSE related and I hope to make that 0% in the near future.

 

[Leon Marcus]

I am confused about the data they are using. The specific data used (comparable and specific property information) is based on the appraisals they get but say how we are so inaccurate and cant be trusted but they trust enough to develop some database to tell us how we are wrong but using the data we give them?
I got a condition today saying my information on the subject having 3 bedrooms is not consistent with what other appraisals say. I was in the house, I provided a sketch and there are 3 bedrooms. Now they want me to explain!?

 

[timd354]

You may not like to hear this, but the reality for most residential appraisers is that the overwhelming majority of their income is directly due to the appraisal demand that is ultimately generated by the GSEs...so, yes residential appraisers as a group are among the biggest beneficiaries of the GSE bailout

Seriously? You manipulated your original post. There are numerous "groups" that did, and still are, benefiting SUBSTANTIALLY MORE than appraisers due to low interest rates (see a prior post above). Yes, I get how the GSEs relate to the business - I don't need a lesson. BTW - less than 25% of my work last year was GSE related and I hope to make that 0% in the near future.

There are a few groups that may have benefited more than appraisers, but so what as that is consistent with my original comments? Who cares anyhow...the fact is that residential appraisers are huge beneficiaries of the GSE bailout

 

[timd354]

if the gse's collapsed then there would have been less competition (good for the survivors), less regulations (independence) , higher fees (no AMC's) , COD (miss those) , and who says that the "private market" would not pick up the pieces.

Yeah, private capital is just itching to get into mortgages at a 3.5 - 4.0% yield before origination costs, servicing costs and provisions for credit losses which amount to at least 150 -200 basis points, making a potential ROI of around 2 - 2.5% at those types of mortgage interest rates....lol. You have no clue

 

[Scott Kibler]

Yeah, private capital is just itching to get into mortgages at a 3.5 - 4.0% yield before origination costs, servicing costs and provisions for credit losses which amount to at least 150 -200 basis points, making a potential ROI of around 2 - 2.5% at those types of mortgage interest rates....lol. You have no clue

Yeah that's what I've been saying. Mortgage lending is a loser investment in this climate. People wonder why appraisal (and other) fees are so low. Math.