Collateral Underwriter "suggested Comparables"

[Deleted member 80407]

Sorry, forgot to include the search filter's for the chart supplied (see below).

 

[EddieB]

Let me set the record straight about a few things.....

Nice dissertation. And I do agree with your analysis of the credit crises, which oddly is the first time I've read anything similar from you. Maybe you have a whole other persona that goes about debating those points as well. A few post above, Marion asks you about the role of AMCs and their impact of appraisal quality. Any thoughts? Concerning poor appraisal practices and outright appraisal fraud, naturally those should be addressed and fraud should be punished. There have been too few orange suits doing the walk especially those outside of the appraisal field. IMO, it is premature to know how CU will affect the lending world.

As far as mentioning you and JT, all I pointed to was your common theme. The "smearing" inference was from you and possibly poor reading comprehension on your part. I've have talk to JT on a few occasions and discussed areas we agree. I know where she stands and I realize which side butters her bread. To me, you are an enigma.

 

[ucbruin]

maybe my "wallowing in my own ignorance" is a reflection of the leaders

One of the best movie lines: "Remember The Titans"....

"Attitude reflects leadership".

 

[timd354]

Since appraisals have been transmitted via UCDP and the data reflects past $/adjustment practices (and if current appraisals keep employing the same $/adjustment practices) wouldn't it be almost impossible to receive flags based upon adjustments that aren't outliers?

Am I incorrect to be of the opinion that the majority of CU flags will be generated not because of $/adjustments but rather by physical characteristics of the subject and comps as provided by public records/assessor/MLS/etc.?

At least for the foreseeable future.

I don't know the answer to that question has I have not seen a large enough sample of CU feedback to know what CU flags occur most often and what is driving those flags

 

[timd354]

Nice dissertation. And I do agree with your analysis of the credit crises, which oddly is the first time I've read anything similar from you. Maybe you have a whole other persona that goes about debating those points as well. A few post above, Marion asks you about the role of AMCs and their impact of appraisal quality. Any thoughts?
My thoughts are that Marion and some others in the profession blame all ills of the profession and all bad behavior on the part of appraisers on AMC's whether or not there is any actual evidence of AMC culpability. Since her comments include no proof and indicate multiple times that "It's my story and I'm sticking to it", I don't think that addressing that post would be a good use of my time and efforts as I don't believe it would lead to a constructive dialogue. FYI, By the way, I am no fan of AMC's but do not see all AMC's as the all evil. FYI, It is my experience that lenders and underwriters pressured appraisers to fit their adjustments within the 15%net/25%gross for many years before AMC's played any significant role in mortgage lending appraisals, so this not a problem that I believe was created by AMCs.
Concerning poor appraisal practices and outright appraisal fraud, naturally those should be addressed and fraud should be punished. There have been too few orange suits doing the walk especially those outside of the appraisal field. IMO, it is premature to know how CU will affect the lending world. I agree with these statements

As far as mentioning you and JT, all I pointed to was your common theme. The "smearing" inference was from you and possibly poor reading comprehension on your part. I've have talk to JT on a few occasions and discussed areas we agree. I know where she stands and I realize which side butters her bread. To me, you are an enigma.

My reading comprehension is fine, but I am not sure what Joan Trice has to do with anything I have stated in this or most other threads. Thus, I am not sure what the else the purpose of the statement "It is no wonder he JT are such close friends." was except to imply some of guilt by association (your use of the words "no wonder" has no other obvious purpose IMHO). You now state that it was not your intent to try to smear me using guilt be association, and I accept your explanation that it was not your intent

 

[timd354]

Statistically, by its very nature, it would be lucky to be 50% accurate.

I didn't know Maryland had legalized marijuana. Dream on.

It must be really depressing to be so jaded one constantly thinks that everything is just some big scam put into place to screw over appraisers and that appraisers are doomed with little hope of escaping their impending doom.

 

[EddieB]

My reading comprehension is fine, but I am not sure what Joan Trice has to do with anything I have stated in this or most other threads. Thus, I am not sure what the else the purpose of the statement "It is no wonder he JT are such close friends." was except to imply some of guilt by association (your use of the words "no wonder" has no other obvious purpose IMHO). You now state that it was not your intent to try to smear me using guilt be association, and I accept your explanation that it was not your intent

I forget to mention your law degree. My apologies.

 

[timd354]

I forget to mention your law degree. My apologies.

lol....no need to apologize and who cares about my resume anyhow on the AF

 

[form1025]

Some clarification on the whole CU uproar. Attachment below.

 

[hastalavista]

Yeah, so kinda like what some of us have been saying for the last month or so; this isn't as big of a deal as some are making it; assuming that the lenders use it as it was intended.
And, it seems to me that is exactly what Fannie is tying to do; nip all the hysteria in the bud while setting the appropriate structure for CU's use.

I also note that the document gives a very good reasoning why the information is not being shared with appraisers prior to the appraisal submission.

There is going to be forumites who will continue to say that CU will still be used to harass, cajole, intimidate, pressure, etc., etc., appraisers into doing something that appraiser's shouldn't do. There is a risk of that with almost anything, and it always seems like the same alarm bell is sounded no matter what changes come down the pike.

I'm giving this program 6-months before I make any conclusions. And 6-months might not be long enough. We'll see.