• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Freddie Mac To Waive Appraisals?

Status
Not open for further replies.

NC Appraising

Senior Member
Joined
Apr 28, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
From Ken "I'm no friend of Appraisers" Harney's article, “When was the last time a Zillow computer walked into your house?” Computerized estimates “can’t tell you everything you need to know about value,” he said.

If Freddie is reading this, I should point out that Oregon's assessor's haven't done physical re-appraisal maintenance for 25 years, ever since they froze assessed values to a 3% per year increase.

At least Ken didn't totally throw us under the bus and back over us. There was an article in the WSJ about who has benefited most from the ultra low interest rates....its the rich with high credit scores. The evidence is those with average and poor credit scores are scorned by lenders.
 

NC Appraising

Senior Member
Joined
Apr 28, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
From Ken "I'm no friend of Appraisers" Harney's article, “When was the last time a Zillow computer walked into your house?” Computerized estimates “can’t tell you everything you need to know about value,” he said.

If Freddie is reading this, I should point out that Oregon's assessor's haven't done physical re-appraisal maintenance for 25 years, ever since they froze assessed values to a 3% per year increase.

At least Ken didn't totally throw us under the bus and back over us. There was an article in the WSJ about who has benefited most from the ultra low interest rates....its the rich with high credit scores. The evidence is those with average and poor credit scores are scorned by lenders.


Like the CEO of Quicken hinted at:

The future will be Freddie/Fannies AVM and when needed a property inspection. A new job category will be created "property rater".

The few appraisers that are left will get the complex properties, when the AVM does not "hit", or when the AVM kills the deal, i.e., comes in low.


Hey Freddie....want to speed up the appraisal process? Let us do our jobs without all of the red tape and requirements!!! You can go from 100 pages of do's and don'ts, red tape, AMC's, to AVM's WITH NO GUIDELINES PER SAY? Idiotic.
 

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
What will they do when the database is not refreshed with new data, because the appraisal volume drops, and they have little/less to strip from?
 

NC Appraising

Senior Member
Joined
Apr 28, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
What will they do when the database is not refreshed with new data, because the appraisal volume drops, and they have little/less to strip from?

MLS data and tax data? Just like Zillow.

Freddie Mac has never been a fan of appraisals. For their REO properties, they only order BPO's, unlike Fannie which orders appraisals.

What I find funny is that Quicken wants us out of the equation.....but....http://www.usatoday.com/story/money/business/2015/04/24/quicken-loans-FHA-HUD-lawsuit/26290987/ For example, the government's complaint states that when Quicken received an appraised value for a home that was too low to approve a loan, Quicken often requested a specific new and higher value from the appraiser.

What are they going to do when the AVM disagrees? How many AVMs are going to kill the deal? Who will they cry to then?

http://www.freep.com/story/money/bu...ns-named-trumps-HUD-transition-team/94758742/ Say it's not so!!!
 

panappr

Elite Member
Joined
Dec 5, 2007
Professional Status
Certified Residential Appraiser
State
California
What are they going to do when the AVM disagrees? How many AVMs are going to kill the deal? Who will they cry to then?
Like you stated they will have to get an appraiser (with E & O) to bring it in at the desired amount..... problem solved.
 

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
MLS data and tax data? Just like Zillow.

Freddie Mac has never been a fan of appraisals. For their REO properties, they only order BPO's, unlike Fannie which orders appraisals.

What I find funny is that Quicken wants us out of the equation.....but....http://www.usatoday.com/story/money/business/2015/04/24/quicken-loans-FHA-HUD-lawsuit/26290987/ For example, the government's complaint states that when Quicken received an appraised value for a home that was too low to approve a loan, Quicken often requested a specific new and higher value from the appraiser.

What are they going to do when the AVM disagrees? How many AVMs are going to kill the deal? Who will they cry to then?

http://www.freep.com/story/money/bu...ns-named-trumps-HUD-transition-team/94758742/ Say it's not so!!!
So FNMA and Freddie Mac belong to hundreds, if not thousands, of MLS?
 

Eli

Elite Member
Joined
May 12, 2007
Professional Status
Certified General Appraiser
State
Tennessee
Freddie Mac is worried because they know they are a heartbeat from being history.
 

Eli

Elite Member
Joined
May 12, 2007
Professional Status
Certified General Appraiser
State
Tennessee
Tell me the govt can't do better than Freddie Mac. Please make it a book to convince me.:LOL:
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Freddie Mac has never been a fan of appraisals. For their REO properties, they only order BPO's, unlike Fannie which orders appraisals.
If you think that Fannie orders appraisals on most of its REO's you are simply mistaken. Most of the MI claims submitted to my company by Fannie Mae include one or more post default BPO's but no post default appraisal.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks