Corelogic Just Acquired Alamode

[George Hatch]

Upload formats are dictated by the users.

 

[Eli]

Upload formats are dictated by the users.

Lol. The government just bailed out the users.

I don’t need a history lesson. Lol

My focus is a solution for the one who bailed out the users and while focusing on public trust.

When the federal government is insuring an institution, the federal government is the user.

 

[Eli]

The truth often sounds bitter to those who don't want to hear it and/or live in fantasyland.

Don't worry though, I am sure the government will be coming along any minute now to save appraisers by taking over the profession...lol.

Why not? They don’t ever bail anybody out. Lol.

You truly have some type of bias. I am not sure what it is.

I am certain your focus is not public trust.

 

[Eli]

The truth often sounds bitter to those who don't want to hear it and/or live in fantasyland.

Don't worry though, I am sure the government will be coming along any minute now to save appraisers by taking over the profession...lol.

Why not? They don’t ever bail anybody out. Lol.

You truly have some type of bias. I am not sure what it is.

I am certain your focus is not public trust.

Yeah. that is gonna happen....lol

Have you ever heard of FHFA or FHA or VA?


Let me give you a clue. They are not a GSE. They are government. Lol

 

[Deleted member 128537]

I work for one bank that uses Mercury. It is a management software for them. It has nothing to do with an AMC. Some AMC's may use it because it is easier than developing their own platform. I also have a bank that uses LenderX. Again it is a delivery management platform; not an AMC. And I know of a number of AMC's that use the LenderX platform.

I agree with Michigander that Corelogic is not going to dump appraisers because there is too much revenue we give them. They have also purchased Marshall & Swift which is used a great deal by appraisers. So why would they do cut off the hand that feeds them. But that doesn't mean that the appraisal process will remain the same. There is no question the industry is moving to desktops, AVMs, and BPO's for lending purposes. This is especially true when the borrower has large amounts of equity and has a high credit score. After all the main purpose of the appraisal is to protect the lender's risk. But there are many elements of risk with lending. So I do believe the 1004 product will still be around, but I also believe that it will be less in the future. I did some work for Valuenet in the past while I was working at another job and just wanted to earn some "beer money." They paid terribly, and I eventually quit them as I went back into doing appraisals full time. But I know of a local lender that uses them and AVM's almost exclusively for home equity loans. The only time they don't is if the data on the AVM can't be determined, it doesn't work to use Valuenet, and the amount being borrowed is high. Then they send me out; which is rare.

Why do you think we don't do drive bys much anymore? Reason: Desktopst, AVMs, and BPOs.

I don't see the sky falling in the appraisal business. But I do believe lenders are going to re-evaluate the scope of work needed to make loans and manage risk.

For example, I have done appraisals for banks that have clearly stated that I don't have to drive the comps and that I can use MLS photos. I still inspected the subject, but by not having to drive the comps and take photos it saved me some time and I charged less. But that is now rare. Why? Desktops, AVMs, and BPOs.

And I also agree that it is easy to send out a qualified person to measure a house and take notes on it. The inspection doesn't require an appraiser. So someone like Corelogic isn't entirely dependent upon using appraiser data.

Conclusion: This industry today does not look like the same it did 20 years ago or even 5 years ago. I doubt it will be the same 5 years from now as it is now. Products are going to change. Corelogic recognizes that and by owning delivery, AMCs, and forms aspects they have a higher range of flexibility in changing with the times. They didn't buy alamode to protect our jobs. That's baloney. They bought alamode because they can control their future better.

 

[Eli]

If the govt develops their own delivery platform and Form software for federally insured institutions, corelogic will still survive in other avenues.

Be many layoffs. But. They will survive. The government and public trust will be better off.

 

[Pittsburgh Pete]

So this should be your last post here. You have no skin in the game...Bye!

Having an employee with a family to support would give me "no skin in the game" if I cared nothing about her and her family's wellfare. I don't think that way. Sorry, but Hello!

 

[lefty2cox]

I just went back and re-read Lefty's posting history in this thread, and I don't think there's been any unequal or disproportionate responses to the fighting he/she initiated.

We get what we give.

Georege
I'd be curious as to which post you are referring. I'm pretty sure that any venom I spewed was in response to the trivializing, minimizing and mocking of my ideas, opinions, and discussion topics... opinions of which I am not alone on, based on what I've read. I think you'll find that my attacks, which I'm not proud of, were not unsolicited. If you can show me otherwise, I am poised to apologize.

 

[lefty2cox]

You truly have some type of bias. I am not sure what it is. .

Werd...

 

[lefty2cox]

Having an employee with a family to support would give me "no skin in the game" if I cared nothing about her and her family's wellfare. I don't think that way. Sorry, but Hello!

That's someone else's skin....dopey.