Fannie and Freddie - UMDP / UAD Forms Redesign Initiative - They ARE interested in appraiser input. Surprise!

[Mejappz]

They're using other unregulated valuation products.

I fixed it for you.

 

[djd09]

They're using other valuation products.

yes, i know, the scum bag mortgage broker throws a dart at bunch of numbers, all over the needed value, inserts into the borg for free and easy approval

 

[George Hatch]

I fixed it for you.

You're not wrong about that.

 

[George Hatch]

yes, i know, the scum bag mortgage broker throws a dart at bunch of numbers, all over the needed value, inserts into the borg for free and easy approval

The brokers who just got disciplined for lowballing values in order to sneak them into the waiver program got caught because their numbers didn't line up with another reference. That other reference is what the decision makers are actually using.

 

[Lindseyw]

You're up then you're down
You're wrong when it's right
It's black and it's white
We fight, we break up

I want what you’re on

 

[djd09]

The users decide how much profit is sufficient for their needs.

fix for ya

 

[djd09]

got caught because their numbers didn't line up with another reference.

more misinformation

“Wells Fargo terminated certain Home Lending employees after a robust investigation revealed they engaged in misconduct,” a spokesperson for Wells Fargo, Tom Goyda, said in an emailed statement. “The investigation concluded that these Home Mortgage Consultants willfully and knowingly changed property value information provided by customers, contrary to bank policies, in order to obtain appraisal waivers.”

 

[George Hatch]

Yeah, they lowered the values (without telling the customers) in order to fit under the value cap. The higher values would have triggered the appraisal requirement.

What they didn't do was overstate the value of the property or increase the lender's risks.

 

[djd09]

yeah sure the scum bag mortgage would never over state the values. but there goes the market up 20 - 40%. do you got a list of these so called waiver transactions? oh that is right, top secrets

 

[George Hatch]

If the lenders are allowed to make loans without an appraisal then those decisions and those outcomes are on them. If those outcomes don't work out for them then they have nobody to blame but themselves. If they lose, they lose. OTOH, if they win, they win.

Meanwhile and more proximate to your economic interests, the demand for appraiser hours is in decline. That's not an agreement or endorsement of "what should be", but rather just a simple observation of "what is".