Fee For Desktop Reports

[Essexfenwick]

I don't have an answer regarding cost to the lender....
But I can see how the inspection portion could be quicker with employing dedicated data collectors and/or homeowner/agent provided photos....

Homeowner photos yes

With the predictable favorable editing.

Dedicated inspector no. The ups and downs require an accordion of hiring and laying off. Slower at beginning of booms .. equal or slower in slow times… faster but more expensive at the end of booms. Seems like states will require a license and they will need Sentrilock access with MLS membership.

 

[ucbruin]

Homeowner photos yes

With the predictable favorable editing.

Dedicated inspector no. The ups and downs require an accordion of hiring and laying off. Seems like states will require a license and they will need Sentrilock access with MLS membership.

Data collectors won't need MLS....
And will access purchase properties with an agent....

Volume is always an issue....

 

[Essexfenwick]

Data collectors won't need MLS....
And will access purchase properties with an agent....

Volume is always an issue....

It’s slower if you don’t have a lockbox key and need to set up an appointment for all inspections.

At least 60 percent of my sales are lockbox inspections

 

[J Grant]

How is engaging 2 people cheaper than 1? It’s absurd and will certainly cost more. It will probably be slower as well in most times. When it’s slow… both methods will be lightning fast. When it blows up busy.. they have to hire and train inspectors … by the time they are hired and trained… it dies again and they lay off . It was only faster but more expensive at the end of the boom.

Can appraisers be the inspectors? Are we banned from doing the inspection half because they want people that will overlook or be ignorant?

Yes, appraisers can do the inspection half of a hybrid. It makes the most sense for big box AMC's who have appraisers on staff and can juggle them to do the inspection and or the appraisal part, as well as use a list of independent contractor "data collector people" to inspect.

The hybrid only saves time when time is at a premium in a very busy market cycle, which I doubt will happen at the pace of prior one for years, if ever- and a busy cycle is never permanent anyway. It's outcome though is apparent, to enrich and empower the approved list of AMC's for the product.

I doubt a lender who is not already using, (or owning) any of the AMCs would choose to order a hybrid 1004 over a regular 1004, , since there may be no price difference to the borrower or only a small one. Whether or not a lender would choose a deskop , idk. Obviously, a lender would choose a waiver/value acceptance if offered, though some sales contracts are contingent on an appraisal so a borrower may insist on it. The great unknown is yet to be seen. It is ironic though that the rollout of these products is happening in the slowest market cycle in decades. I can't imagine these AMCs can stay fully staffed up forever. Will see as it unfolds.

 

[Zoe]

Yes, appraisers can do the inspection half of a hybrid. It makes the most sense for big box AMC's who have appraisers on staff and can juggle them to do the inspection and or the appraisal part, as well as use a list of independent contractor "data collector people" to inspect.

The hybrid makes no sense whatsoever and as noted, only saves time in a very busy market cycle, which I doubt will happen again any time soon, and which is never permanent anyway. It's result is to it enrich and empower the approved list of AMC's for the product.

I doubt a lender who is not already using, (or own) any of the AMCs would choose to order a hybrid 1004 over a regular 1004, , since there may be no price difference to the borrower or only a small one. Whether or not a lender would choose a desktop , idk. Obviously, a lender would choose a waiver/value acceptance if offered, though some sales contracts are contingent on an appraisal so a borrower may insist on it. The great unknown - it is ironic though that the rollout of these products is happening in the slowest market cycle seen for decades. I can't imagine these AMCs can stay fully staffed up forever. Will see as it unfolds.

Somebody said many small appraisal management companies are already going broke. I am sure the big ones are at least laying off.

 

[Essexfenwick]

Yes, appraisers can do the inspection half of a hybrid. It makes the most sense for big box AMC's who have appraisers on staff and can juggle them to do the inspection and or the appraisal part, as well as use a list of independent contractor "data collector people" to inspect.

The hybrid only saves time when time is at a premium in a very busy market cycle, which I doubt will happen at the pace of prior one for years, if ever- and a busy cycle is never permanent anyway. It's outcome though is apparent, to enrich and empower the approved list of AMC's for the product.

I doubt a lender who is not already using, (or owning) any of the AMCs would choose to order a hybrid 1004 over a regular 1004, , since there may be no price difference to the borrower or only a small one. Whether or not a lender would choose a deskop , idk. Obviously, a lender would choose a waiver/value acceptance if offered, though some sales contracts are contingent on an appraisal so a borrower may insist on it. The great unknown is yet to be seen. It is ironic though that the rollout of these products is happening in the slowest market cycle in decades. I can't imagine these AMCs can stay fully staffed up forever. Will see as it unfolds.

So let’s see. A hybrid is going to be more expensive, usually slower or equally fast, less secure and unlicensed / uninsured. And a waiver doesn’t cost anything.

Sounds like a real money-maker … NOT.

 

[ucbruin]

Technology/AI....
Ain't going away....

 

[J Grant]

So let’s see. A hybrid is going to be more expensive, usually slower or equally fast, less secure and unlicensed / uninsured. And a waiver doesn’t cost anything.

Sounds like a real money-maker … NOT.

It's a money maker for the AMC's and lenders. it's a money loser for the appraisers.

 

[Essexfenwick]

Wha

It's a money maker for the AMC's and lenders. it's a money loser for the appraisers.

What do they get paid for a waiver? Zero

What do their cut from the more costly hybrid? Less than now.

 

[J Grant]

Wha

What do they get paid for a waiver? Zero

What do their cut from the more costly hybrid? Less than now.

"They" ( the lenders) , in a waiver ( as long as it is ithe AVM range ) will get a guaranteed acceptance of the loan at the SC price or lender's value target in a refi, which means higher loan volume. And the lenders are relieved of any buyback obligation on their part for the value. Pretty Sweet.

The approved AMCs get fed the hybrids and desktops as orders, and can make more money out of their existing staff appraisers due to increased efficiency from them, as well as taking a bigger cut for themselves off the back of the lower fee data collectors.