FANNIE bonds with AMCs, over your dead low paid body.

[chad hampton]

Oh well, independent appraisers will be able to compete with Realtors and Notaries Public for PDC work assigned through an Uber style algorithm after all of the real appraisal work is given to AMC and national firm staff:

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Yeah, I hate to say it, but I think this profession is pretty much over. The time to fight this was 7-8 years ago when these creatures were slimeballing their way around appraisal boards all over the country, making threats and explaining why things that were considered appraisal services since the beginning of time no longer should be considered appraisal services and can be done by anyone.

I tried, but for some reason, the appraisal Institute national didn’t care (the state guys did, but when national shows up the state guys just keep quiet), revaa guys were spearheading the process, and for some reason the state appraisal boards are pretty much just political appointees, adding another line to their resume. they seem to be impressed when a guy in a suit gets flown across the country to address them. One time we even bent over backwards so we could patch one of these shysters in on a conference call. The rest of us had to take a day off of work with no pay. If I were sitting on an appraisal board, I would’ve thrown their *** out of the chamber. We had a few guys on the board back then that seemed to give a damn and fought the insanity, but the appraisal board is now mostly owned by bankers and AMCs.

It’s quite a change from 10 plus years ago when the North Carolina appraisal board was considered one of the best boards in the country. Now they are a weak, feckless, board.

 

[Lil-Renny]

Yes!

I order appraisals directly for a lender and I've had access to CU for at least 2 years now. I rarely access it, but I am able to if needed.

 

[Tom D]

I order appraisals directly for a lender and I've had access to CU for at least 2 years now. I rarely access it, but I am able to if needed.

CU is mostly only looked at by the lenders staff reviewers, who can understand it. And they tell me that CU doesn't explain anything, it just says your adjustment doesn't follow the group thought, or this is wrong. You can dig deeper into it to try to understand the why, or to look at certain statistics. A normal person has no perception of what they would be looking for in CU. The lender and underwriter don't go into CU, they just look at the CU report card. They can ignore stuff if the score is 2.5, or lower. It goes to review if score is higher. The score is the key issue. But that doesn't mean that an AMC, or lender, can't stip you with stupid things to answer.

A reviewer told me to do a certain adjustment, i was not doing it, caused CU to ding you. That was his experience, but CU gave no clue as to why. My thinking was correct, but i now knew that CU thinking was more correct.

 

[Lil-Renny]

CU is mostly only looked at by the lenders staff reviewers, who can understand it. And they tell me that CU doesn't explain anything, it just says your adjustment doesn't follow the group thought, or this is wrong. You can dig deeper into it to try to understand the why, or to look at certain statistics. A normal person has no perception of what they would be looking for in CU. The lender and underwriter don't go into CU, they just look at the CU report card. They can ignore stuff if the score is 2.5, or lower. It goes to review if score is higher. The score is the key issue. But that doesn't mean that an AMC, or lender, can't stip you with stupid things to answer.

A reviewer told me to do a certain adjustment, i was not doing it, caused CU to ding you. That was his experience, but CU gave no clue as to why. My thinking was correct, but i now knew that CU thinking was more correct.

Yes, what Fannie Mae scores the appraisal is very important. We are good as long at the score isn't a 4-5. I log in to CU and do research very rarely.. like a handful of times a year. I do a pretty thorough review myself and then the underwriter reviews it after me so I feel like that should be good enough!

 

[chad hampton]

How can an appraisal be scored when the person scoring it has no clue as to the subject matter?

That would be like me going in to a med school and start scoring cardiology exams

 

[glenn walker]

Yeah, because everyone will sympathize with the plight of the appraisers.

Whatever you guys want to do to "resist" is fine by me. Go for it. Just don't make the mistake of trying to shame other appraisers into honoring your picket line because I think you might get some pushback for that.

The same types out protesting and never growing up and realizing their just screaming and waving signs and slogans at the wind.

 

[chad hampton]

I can feel the tension in the air. The unethical stakeholders are starting to sweat.

Appraisers don't care, burn it all down. Not a profession worth saving if the only option is to continue down this path.. GSE and TAF ruined it. Well done to those of you who participated in the downfall of it. That's your legacy.

 

[djd09]

the good old mortgage broker estimating value is pretty much the end...

 

[Sandra Koutsopoulos]

I agree with Chad in that the lender's/AMCs appraisal system as it exists now, and threatens to exist in the 3.6 world, is not worth saving.
Even as cost of living has increased, and value of a dollar has declined by 50% over the past 20 years, our fees now, similar to 20 years ago, are worth 1/2 what they were worth then. That's a 50% pay cut. What is the justification to increase our time and inspection responsibilities while having 1/2 our fee taken by AMCs? And at the same time responding to time wasting 'quote requests' so they can pick the cheapest/quickest appraiser? Makes no sense. Lender/AMC 3.6 appraisals?... hard pass. There is a saying that nothing changes until the (gradually increasing) misery gets so bad that even the reluctant can't continue any more. To me, the 3.6 (esp with AMC involvement) is the last straw.

 

[Terrel L. Shields]

How can an appraisal be scored when the person scoring it has no clue as to the subject matter?

The computer is scoring it and, in many cases, the bank hired appraises who were starving out as independent fee appraisers.

our fees now, similar to 20 years ago, are worth 1/2 what they were

The best future for an appraiser, it appears, is as an employee of a bank, an assessor's appraiser, or, alternatively to have a specialty that is outside banking or so rare that banks have to bypass the AMC and find someone qualified. Right now, agricultural appraisers are scarce. I know several poultry farm appraisers who are working in 4 to 7 states simply because there are not enough qualified appraisers in those areas to cover the demand. The same for industrial appraisers or appraisers who value complex properties like truck stops, refineries, golf courses, or airports and hangars.