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Freddie Mac Planning Appraisal-free Mortgages - Chicago Tribune

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Highlander416

Member
Joined
Feb 16, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
Well, it will be tough to argue a critical shortage anymore if the GSE's are moving away from traditional appraisals.
 

CindyR

Senior Member
Joined
Oct 26, 2003
Professional Status
Certified Residential Appraiser
State
Arizona
"He'd like to see the industry move toward an approach that makes maximum use of the huge property-specific databases built up from previous appraisals along with inspections when needed." So the previous appraisals are good - not the future ones...
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
For residential work, Appraisers are out dated and obsolete. External obsolescence to the transaction if you will.

Hey!
Nice job feeding the CU database!
Too bad no one sought to sue the GSEs over the reselling of your data like they did with FNC.
But it was so comforting to believe they were going to "share" their database with appraisers.
This is happening about a year earlier than I predicted.

(y)

The only thing keeping residential appraisers in the process is if,
they are not required,
appraisers will disappear, and that,
would leave the Foundation and TAF without work,.
Unless they can be shifted to regulate computer programs.
Yeah that's the ticket,
No government downsizing.

Nice job.

.,
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Can you post direct from Freddie what program consists of/which properties are eligible? Instead of this Ken Harney interpretation and speculation about it?
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
http://financialservices.house.gov/uploadedfiles/111616_hi_memo.pdf

Why don't you go? Do you believe an appraiser going to a hearing would make a difference?

The above hearing results will be published///any results of it will be in limbo until the new administration is in and agenda to repeal Dodd Frank and how quickly or slowly that occurs ( and what the replacement for DF is). Only a small section of DF relates to appraisals but that small section can be critical to us. . If Consumer protection bureau is disbanded, what will remain of voice for Appraiser Independence? Though I presume under agenda of deregulation, AIR would be marginalized/eliminated as pesky anti business regulation?

A trend toward deregulation probably means less reliance on traditional appraisals. How that plays out with individual states,.Fannie, FHA, lenders and insurers who can impose their own standards/ requirements...will see lots of speculation in the coming months.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Well good for Freddie. Let them try it in a average, typical urban, suburban market for a few years and see what happens. See how long it takes realtors to figure out how to game the system. See how long it takes for investors to fool the system. Remember all the mortgage fraud shenanigans during 2008 to 2012 where a MB, escrow, and an appraiser scammed $10 to $50 million under HARP before they got caught. The sharpies will see this as an opportunity.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
http://financialservices.house.gov/uploadedfiles/111616_hi_memo.pdf

Why don't you go? Do you believe an appraiser going to a hearing would make a difference?

The above hearing results will be published///any results of it will be in limbo until the new administration is in and agenda to repeal Dodd Frank and how quickly or slowly that occurs ( and what the replacement for DF is). Only a small section of DF relates to appraisals but that small section can be critical to us. . If Consumer protection bureau is disbanded, what will remain of voice for Appraiser Independence? Though I presume under agenda of deregulation, AIR would be marginalized/eliminated as pesky anti business regulation?
.

:rof::rof:

A trend toward deregulation probably means less reliance on traditional appraisals. How that plays out with individual states,.Fannie, FHA, lenders and insurers who can impose their own standards/ requirements...will see lots of speculation in the coming months.

:rof::rof:

Ah no.
Banking is interstate commerce.
States can't regulate it above the Federal Laws.

:rof::rof:

.
 
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