Freddie Mac To Waive Appraisals?

[Eli]

Let's play Russian roulette. The rich and famous won't like it. They don't have enough guns.

 

[NC Appraising]

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.

I have no idea what the ratio is. I was simply stating that Freddie, to the best of my knowledge uses only BPO's. As for Fannie, as a direct appraiser for Fannie Mae's REO department, I was under the impression that Fannie orders appraisals for all of their REO properties. Heck, back in the day, they would order 2055's and then order 1004's when the home was foreclosed upon and now vacant. I went to Fannies onsite training in Charlotte 2 years back and they hinted that appraisals were ordered on all REO's along with BPO's.

 

[NC Appraising]

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.

I have no idea what the ratio is. I was simply stating that Freddie, to the best of my knowledge uses only BPO's. As for Fannie, as a direct appraiser for Fannie Mae's REO department, I was under the impression that Fannie orders appraisals for all of their REO properties. Heck, back in the day, they would order 2055's and then order 1004's when the home was foreclosed upon and now vacant. I went to Fannies onsite training in Charlotte 2 years back and they hinted that appraisals were ordered on all REO's along with BPO's.

So FNMA and Freddie Mac belong to hundreds, if not thousands, of MLS?

Yep!!! Word on the street is that Fannie stuck of her chest and the MLS board did what they said.

 

[Eli]

The very thing that would help the self security of GSE's, they want to dump on.

Yes they will be history soon.

 

[Deleted member 134708]

Corelogic AVM's with a home inspector filling out 1 page form while already at property on Q/C ratings. So obvious everyone can see it but...appraisers.

Appraisal profession always be around, just enough work for say 1 appraiser per 1,000,000 people, not like it is today.

Appraisers will be needed like a mobile butcher/slaughter or horseshoe'r in San Francisco, CA. Still needed, just not by very many. Called unique trade.

 

[Eli]

Government will take them over. No doubt in my mind. Their days are very numbered.

 

[timd354]

So FNMA and Freddie Mac belong to hundreds, if not thousands, of MLS?

There are not thousands of MLS systems. A few years back there were a total of about 740 MLS systems and I think that there are currently a few less due to some consolidations.

 

[NC Appraising]

Corelogic AVM's with a home inspector filling out 1 page form while already at property on Q/C ratings. So obvious everyone can see it but...appraisers.

Appraisal profession always be around, just enough work for say 1 appraiser per 1,000,000 people, not like it is today.

Appraisers will be needed like a mobile butcher/slaughter or horseshoe'r in San Francisco, CA. Still needed, just not by very many. Called unique trade.

I 100% agree. The funny thing is that they are watering down the requirements to become an appraiser!!

I guess they will use home inspectors for refi's also??

The only saving grace is that HOPEFULLY they will kill off or at least decrease Corelogics stock price. Freddie to offer FREE AVM's!!! Lenders must use Fannie or Freddies AVM!! It almost makes it all worth it!!

 

[timd354]

Government will take them over. No doubt in my mind.

Your mind is completely disconnected from reality, so who cares that you think

I have no idea what the ratio is. I was simply stating that Freddie, to the best of my knowledge uses only BPO's. As for Fannie, as a direct appraiser for Fannie Mae's REO department, I was under the impression that Fannie orders appraisals for all of their REO properties. Heck, back in the day, they would order 2055's and then order 1004's when the home was foreclosed upon and now vacant. I went to Fannies onsite training in Charlotte 2 years back and they hinted that appraisals were ordered on all REO's along with BPO's.


Yep!!! Word on the street is that Fannie stuck of her chest and the MLS board did what they said.

I don't doubt that they hinted to you and other appraisers that they order appraisals on all REO's but I just don't think that is actually the case.

 

[NC Appraising]

Government will take them over. No doubt in my mind. Their days are very numbered.

Why?

Both have record profits.

I see the big banks lobbying to make them disappear so that they can take over the mortgage market OR both being turned back into a (GSE) private company as they were.