FHA Bedroom Egress Photo Requirement

[jturner01]

The fact is lenders don't trust appraisers. Never have since appraisers caused the harm and losses done to lenders from the Great Recession. Appraisers no good.

Good lord you have no idea what the hell you are talking about.

 

[sputnam]

No... Fernando is right about Lenders not trusting appraisers, generally. Not loan officers so much... they care about getting the deal done. Rather the QC people at Lenders. The blame lies on appraisers. We have been terrible at self policing. Consequently there are appraisers, not a majority but some, who don't actually do the work they are supposed to do. Sometimes because they haven't been taught properly. Sometimes because they think no one will notice and they want to do the least they can get by with. It had nothing to do with the 'Great Recession' though.

 

[jturner01]

No... Fernando is right about Lenders not trusting appraisers, generally. Not loan officers so much... they care about getting the deal done. Rather the QC people at Lenders. The blame lies on appraisers. We have been terrible at self policing. Consequently there are appraisers, not a majority but some, who don't actually do the work they are supposed to do. Sometimes because they haven't been taught properly. Sometimes because they think no one will notice and they want to do the least they can get by with. It had nothing to do with the 'Great Recession' though.

"It had nothing to do with the 'Great Recession' though." That was what I was talking about. Lenders are morons and are currently reaping what they sowed with the AMC's, appraisal waivers and CU stuff. Their collateral is crap and it is just a matter of time the rest of the world realizes that we are bankrupt. There are entire tranches of collateral that are sitting in pension funds that are basically going to 0 at some point that are rated AAA. Some of those same pensions also hold buy now pay now loans which are also being bundled and sold to them while the people looking over them are bribed.


They blame the appraisers for throwing up our hands going, well this makes no sense, but this is what the market is telling me....... and trusting the lenders are doing their jobs, while they are not and nothing was fixed. This whole thing should have collapsed in 2022-2023 and started to, but they changed course flooded the system with liquidity and managed to get it to where we are today. Make no mistake, they did flood the system with money.

 

[sputnam]

"It had nothing to do with the 'Great Recession' though." That was what I was talking about. Lenders are morons and are currently reaping what they sowed with the AMC's, appraisal waivers and CU stuff. Their collateral is crap and it is just a matter of time the rest of the world realizes that we are bankrupt. There are entire tranches of collateral that are sitting in pension funds that are basically going to 0 at some point that are rated AAA. Some of those same pensions also hold buy now pay now loans which are also being bundled and sold to them while the people looking over them are bribed.


They blame the appraisers for throwing up our hands going, well this makes no sense, but this is what the market is telling me....... and trusting the lenders are doing their jobs, while they are not and nothing was fixed. This whole thing should have collapsed in 2022-2023 and started to, but they changed course flooded the system with liquidity and managed to get it to where we are today. Make no mistake, they did flood the system with money.

Who said you have to trust Lenders?

 

[jturner01]

Who said you have to trust Lenders?

Does it seem like I do?

 

[sputnam]

Does it seem like I do?

No... but then why would you expect Lenders to trust you?

 

[jturner01]

No... but then why would you expect Lenders to trust you?

Well, then we should just stop with the silly games. The entire reason that the appraiser field exists is to provide faith in the RE industry. If they do not trust our work, then this whole thing is a scam.

 

[Tom D]

Put the MLS bedroom window photo in. You can't cure stupid, you can only endure it. Big old urban, i usually get 2 bedrooms with windows. However, the one bedroom a picture of the window would only show that window wall, or the other corner no window walls. Guess i have to do 2 photos. Well not to worry, our MLS guys takes the best photos, just add that photo in. I guess the reviewer thinks you don't know what a room without a window is called, it was a typo on the photo page.

Oh wait, have gone both photo ways and no stips. It's called direct lenders. Or maybe, you got the stupidest reviewer today.

 

[Webbed Feet]

You may be correct but the fact is having worked in the business for so long, since the losses taken by lenders, lenders have been more scrupulous in how appraisers do their work.
Since then, lenders have required more evidence with photos of every room and such. I suspect lenders have hired appraiser consultants to keep appraisers 'honest" in appraising.
Even Fannie has to put appraisers on a leash in how they measure a house. Appraisers can't even measure right.

Again, all of the damage was their own doing as lenders. There were plenty of appraisers that did everything correct and produced honest, ethical, and credible appraisal reports. Those appraisers promptly, and often, were shown the door out, rejected from hiring lists, and by the majority of the players on the LENDING side summarily drummed out of the business because they failed to hit the needed dollar amounts 100% of the time for the LENDING community. Worse, if those appraisers stood their ground about their conclusions and actually dared to even report on what situations were less than perfect about the properties they were promptly ostracized for it. The "Appraisers" today you complain about are the result of all of that AND the result of LENDERS completely failing to file state board complaints when copious numbers of reports being turned in to them grossly failed to comply with the USPAP. After all, what greedy industry would file complaints against those that hit the needed numbers always and NEVER disclose anything other than perfect regarding the condition(s) of the properties? So guess what appraiser types ended up "training" new "appraisers?" Yes, hit and run form fillers training other hit and run form fillers until that poor and disgusting level of quality becomes normalized. What you are seeing today is NOT a demand for a higher level of quality, it is just a higher level of scapegoating taking place because the LENDING community is still actively hiring their willing "paid for a signature" scapegoats and NOT filing state board complaints even when they know the reports they are reading are garbage.

 

[sputnam]

Well, then we should just stop with the silly games. The entire reason that the appraiser field exists is to provide faith in the RE industry. If they do not trust our work, then this whole thing is a scam.

You missed the point. They don't trust our work... in general.. for at least two reasons. 1- When it's money, you never trust a single person. You have procedures in place to provide checks. One very effective way to lose your shirt is to allow your 'trusted' bookkeeper to hold the keys to the checkbook. 2- They don't trust us because as an industry, we havce and continue to allow a lot of untrustworthy and sometimes, untrained people to call themselves 'professional appraisers'. Obviously, there are many appraisers who actually understand appraising and who strive to provide professional quality services. Unfortunately, there are a lot of 'Skippys' whose main concern it getting the most fee for the least work... no matter if quality suffers.