Freddie Mac vs Appraiser Bias

[RCA]

That is exactly what the GSEs have been testing.

But is this in lieu of an appraiser inspection of the interior? --- This is probably where our disconnect comes in. The appraiser has a good feel for the range of condition and quality for sales in the subject market area, and he needs to be able to rank the subject on his perception of that range. He needs to inspect the subject, even it can be argued to be more superficial than the inspection of the 3rd Party Inspector. The appraiser is understood to see things with the buyers perspective.

It is very likely the 3rd Party Inspector does not even have access to the MLS, much less familiarity with it.

So, now you are going to tell the home owner that he has to be be prepared for two inspections? I don't think so.

I THINK YOU HAVE A PROBLEM.

 

[glenn walker]

But is this in lieu of an appraiser inspection of the interior? --- This is probably where our disconnect comes in. The appraiser has a good feel for the range of condition and quality for sales in the subject market area, and he needs to be able to rank the subject on his perception of that range. He needs to inspect the subject, even it can be argued to be more superficial than the inspection of the 3rd Party Inspector. The appraiser is understood to see things with the buyers perspective.

It is very likely the 3rd Party Inspector does not even have access to the MLS, much less familiarity with it.

But is this in lieu of an appraiser inspection of the interior? --- This is probably where our disconnect comes in. The appraiser has a good feel for the range of condition and quality for sales in the subject market area, and he needs to be able to rank the subject on his perception of that range. He needs to inspect the subject, even it can be argued to be more superficial than the inspection of the 3rd Party Inspector. The appraiser is understood to see things with the buyers perspective.

It is very likely the 3rd Party Inspector does not even have access to the MLS, much less familiarity with it.

So, now you are going to tell the home owner that he has to be be prepared for two inspections? I don't think so.

I THINK YOU HAVE A PROBLEM.

So, now you are going to tell the home owner that he has to be be prepared for two inspections? I don't think so.

I THINK YOU HAVE A PROBLEM.

BERT THERE ARE NOT TWO INSPECTIONS..THE APPRAISER DOES NOT DO ANY INSPECTION. ALL CAPS BECAUSE YOU HAVE NOT BEEN FOLLOWING THE PROGRAM.

 

[Zoe]

That's not possible for you to know unless you are employed inside a lender on the side that sells loans to FANNIE or Freddie. WHY ? they typically do not fund loans and only purchase or insure and you are not engaged with them as a lender client. Your appraisal client let's say is ABC bank or lender it's not FANNIE or Freddie Mac as you were not engaged by F & F . Even inside i rarlley had no idea where that loan was ultimately going to be sold to other than our investor's IE Chaser. Wells. and others who funded our lines of credit. TELL US who your client was my guess is you have never done an appraisal ordered by F & F where they were the only CLIENT.

That would be an unsupported guess . Seems to be trending. Congratulations. Your good at unsupported crap. Lol

 

[glenn walker]

That is not a unsupported guess Zoe Fannie and Freddie do not typically make residential loans . They Purchase Loans from lenders in packages. They are not the Lender Client . No different than FHA or VA in most loans FHA & VA Insure loans they do not make the loans.

 

[Tiffany Gibbons]

That is not a unsupported guess Zoe Fannie and Freddie do not typically make residential loans . They Purchase Loans from lenders in packages. They are not the Lender Client . No different than FHA or VA in most loans FHA & VA Insure loans they do not make the loans.

Taxpayers have had to bail out Fannie, Freddie, and FHA, but not VA. Possibly because they have a better system with their permitted processes, reasonable fees, and qualified panel of appraisers?

 

[DWiley]

As of 10/21, appraiser not having a valid certification was a hard stop. Period. My trainee was certified by then so it made no difference to us.

It may be a hard stop in the systems used by the lenders and/or AMCs that you do work for, but it is not a UCDP hard stop. The UCDP hard stops are publicly available and can be found using any search engine. As I noted earlier, several dozen reports signed by trainees were successfully submitted just today. Both GSEs accept reports signed by trainees

 

[glenn walker]

What scares me is how many residential appraisers have no idea how the GSE and Agencies and the Banks operate on NOT making Loans but purchasing and insuring them. Those are not appraiser issues. Those are Governmental agencie issues which may effect the appraisers business or what his or her "Engagement is " but are Lender -Bank Issues . A Basic 101 Course is who makes loans versus who purchases and insures them. That is one more tied to Mortgage Backed Securities. Ginnie Mae guarantees FHA loans, VA loans, USDA loans and the Section 184 loan program to also help facilitate Native American home ownership. I doubt I could find even one out of a 1000 VA or residential appraisers who knows that. Which is fine it does not affect them but they like to ramble on about F & F and other agencies but they are totally brain dead when it comes to who all those VA and many FHA loans are sold to.

 

[glenn walker]

Taxpayers have had to bail out Fannie, Freddie, and FHA, but not VA. Possibly because they have a better system with their permitted processes, reasonable fees, and qualified panel of appraisers?

Not a issue it was not about defaults. It was who the players are and how they operate I doubt you knew Ginnie Mae Is the Big Player in purchasing VA Loans not F & F .

 

[Tiffany Gibbons]

Not a issue it was not about defaults. It was who the players are and how they operate I doubt you knew Ginnie Mae Is the Big Player in purchasing VA Loans not F & F .

From www.ginniemae.gov: Ginnie Mae has never needed a taxpayer footed, government bailout. I used to do Rural Development too and those were also less risky because the issuer is financially responsible for their securities.

 

[Tiffany Gibbons]

What scares me is how many residential appraisers have no idea how the GSE and Agencies and the Banks operate on NOT making Loans but purchasing and insuring them. Those are not appraiser issues. Those are Governmental agencie issues which may effect the appraisers business or what his or her "Engagement is " but are Lender -Bank Issues . A Basic 101 Course is who makes loans versus who purchases and insures them. That is one more tied to Mortgage Backed Securities. Ginnie Mae guarantees FHA loans, VA loans, USDA loans and the Section 184 loan program to also help facilitate Native American home ownership. I doubt I could find even one out of a 1000 VA or residential appraisers who knows that. Which is fine it does not affect them but they like to ramble on about F & F and other agencies but they are totally brain dead when it comes to who all those VA and many FHA loans are sold to.

I think all of us know they purchase and guarantee the loans, not actually make the loans. The difference is taxpayers did not have to bail Ginnie Mae out unlike the other GSE's. As a taxpayer, that is an issue. People lose their minds over people getting $10,000 forgiven in student debt, but these Senior Directors of the GSE's make $400,000 a year not including bennies and shares and their Dumb decisions are responsible for crashing the economy 3 times now? That is what is not publicized. And now they have found a way to eradicate the appraisal profession altogether and you are cool with that? I'm sure your primary interests lean toward mortgage brokering, sales, AMC's, and managing your strip centers, not appraisal.