FHFA Request opinions from Lenders & others on what the new version of an appraisal will be.

[nachocheesefries]

Let’s not forget about the lenders (not a Fannie/Freddie requirement) that require the contract price be changed on the appraisal after they use the appraisal to renegotiate the contract price. If required to do this I always add commentary stating the contract price was renegotiated based on the appraised value. Too bad nobody reads our appraisals

Has anyone ever mentioned anything about the number of defaults that reliable appraisals have PREVENTED? They appear to only analyze the loans that closed.

I am 1,000% certain, if that were tracked, these clowns would quit talking about how Appraisers are not needed.

As Appraisers, we kill deals all of the time and they just blow up and dissappear into thin air...FNMA is concerned with the defaults rates on the few that snuck through and appear completely oblivious to all the Appraisals that killed, what would have been, a bad loan.

 

[DWiley]

Of course, the GSE's don't see the appraisals that came in low and the deal died.

Actually, they usually do see them. Most lenders submit reports (or have the AMC submit) as soon as they get it. As a result, the UCDP data often includes several versions - the original, the revised, etc

 

[Jim Scholl]

Actually, they usually do see them. Most lenders submit reports (or have the AMC submit) as soon as they get it. As a result, the UCDP data often includes several versions - the original, the revised, etc

That is different than what a Fannie Mae rep told me.

 

[nachocheesefries]

Actually, they usually do see them. Most lenders submit reports (or have the AMC submit) as soon as they get it. As a result, the UCDP data often includes several versions - the original, the revised, etc

But are they tallying them up?

Sure, they might have the data, but is anyone analyzing it? They can't be, otherwise, we would not be allowed to be marginalized by big box lenders who are pawning off all the risk on investors.

 

[Jayjay25]

Actually, they usually do see them. Most lenders submit reports (or have the AMC submit) as soon as they get it. As a result, the UCDP data often includes several versions - the original, the revised, etc

Hahaha. I just got an order for a property I appraised 1 month ago with the same FHA case number. Pretty sure that one wasn’t submitted.

 

[Sadie]

Has anyone ever mentioned anything about the number of defaults that reliable appraisals have PREVENTED? They appear to only analyze the loans that closed.

I am 1,000% certain, if that were tracked, these clowns would quit talking about how Appraisers are not needed.

As Appraisers, we kill deals all of the time and they just blow up and dissappear into thin air...FNMA is concerned with the defaults rates on the few that snuck through and appear completely oblivious to all the Appraisals that killed, what would have been, a bad loan.

Or the repairs we require for the property to be in what is now called C4 condition. Think of how many people we have saved from going head first off of that too high no railing deck.

 

[glenn walker]

The safest appraisal is the one that hit's the purchase contract-price because you have a buyer-Seller and a listing agent and a selling agent-who all agree on a price-- A great defense -I am Serious- Just talking from a real world legal defense--- now you have up to 4 or 5 people who all believed the appraiser was spot on - In that situation the appraiser is not defending a high or low value and nobody can- say He/She was $25,000, to high or too low.

 

[glenn walker]

Hahaha. I just got an order for a property I appraised 1 month ago with the same FHA case number. Pretty sure that one wasn’t submitted.

Ya think ?

 

[nachocheesefries]

now you have up to 4 or 5 people who all believed the appraiser was spot on - In that situation the appraiser is not defending a high or low value and nobody can- say He/She was $25,000, to high or too low.

HAHAHA!!! Right! They will go tell everyone you are a number hitter that just brought it in at contract.

These people are not worth being concerned with. They are salesmen.

 

[DWiley]

But are they tallying them up?

Sure, they might have the data, but is anyone analyzing it? They can't be, otherwise, we would not be allowed to be marginalized by big box lenders who are pawning off all the risk on investors.

Of course that data is analyzed. Remember, for all the talk about waivers, the majority of deals still require appraisals. And, take out rate/term refis (where an appraisal really has no risk benefit) and it is the vast majority.