Give me a break

[DWiley]

Not asking for anybody's secret recipe at all.

The proof they say is in the pudding and the taste of the pudding ain't changed.

From 7 years ago this month-

Fannie Mae Launches Appraiser Quality Monitoring Website

Happy Anniversary

Not sure how a post concerning Fannie concerns me. . As for the pudding, what access do you have to the pudding? How many reports from appraisers across the country do you have access to? Do you have access to the GSE lists of appraisers and appraisal companies that cannot be used?

And, why is the onus on the users to do the cleanup? Shouldn‘t you be barking at those whose actual mission is to do the cleanup? Some states do a decent job, but there are far too many who seem to just want to generate revenue rather than taking meaningful action. There are a significant number of appraisers who have been caught red handed doing unethical things but they get a slap on the wrist, or nothing at all. That really needs to change, but that means a change at the state level - at least under the current system.

 

[TerryRohrer]

That's much too direct and simple. You must remember, it is always preferable to appear as if you are doing something than actually accomplishing something. Once a problem is fixed and removed from the equation now what? Mission accomplished and everyone involved is no longer important.

Your thinking is mired in the real world, how dare you.

It seems if anything could truly be "low-hanging fruit" this would be in the basket!

The system today actually works similar to that. If the appraisal report is “less than ideal” the lender is not granted rep and warrant relief. That means that if the loan goes south, the lender gets to repurchase that loan. Not a small thing

As I noted (and you agreed), enforcement is primarily a state issue. The problem is that the states are all over the board. I have personally seen both ends of the spectrum, especially during my AMC days.

In one case, an appraiser admitted (in front of several witnesses) that he was sending runners out and not doing the inspections himself and then certifying that he had inspected. When we sent the evidence to the state. They did nothing - explaining to us that the person who handled those kinds of cases had retired. I kid you not

In another case we had an appraiser get his certification suspended for three months which the sole citation being that he did not put his prior service disclosure in the report. The client was well aware that he had appraised the subject before - that is why they called him. And it was noted in the LOE He just forgot to put it in the report. 3 months out of work for that. Insane.

I certainly don’t have all the answers. And, the pandemic last year meant that we had to pivot and focus on some other things, but improved AQM is something we are working on. But it does remind me a little bit of the mandatory reporting laws that some lobbied for with AMCs. Many were for it, until they got turned in.

Sadly, the reports of do nothing boards is not shocking. Glad to hear something is being done. There were reports the other day that Fannie was hiring review appraisers in small numbers again. Any indications that Freddie might be doing the same? I'm never sure what drives reviews and field reviews, but from my perspective, if you don't do them at a loss, you don't do any, and the only way to make them financially feasible is to not find anything.

 

[Zoe]

I am saying take drastic measures in very few cases. I just don't see how a little counseling cannot be performed from the gse's on the overwhelming majority of cases. I also see competition and politics between AMC's and appraisers and gse's in the mix.

The problems are inherent in the system.

Make every loan stay in house and things would change drastically.

 

[djd09]

cant turn in your CRN buddies cuz that would make some uncomfortable expos.

 

[DWiley]

It seems if anything could truly be "low-hanging fruit" this would be in the basket!

Sadly, the reports of do nothing boards is not shocking. Glad to hear something is being done. There were reports the other day that Fannie was hiring review appraisers in small numbers again. Any indications that Freddie might be doing the same? I'm never sure what drives reviews and field reviews, but from my perspective, if you don't do them at a loss, you don't do any, and the only way to make them financially feasible is to not find anything.

I mange a few teams, including a team of appraisers. Just hired a new one in January. They focus on reviewing samples, both random samples and targeted samples. Results are compiled and reported up the chain every month.

 

[TerryRohrer]

I mange a few teams, including a team of appraisers. Just hired a new one in January. They focus on reviewing samples, both random samples and targeted samples. Results are compiled and reported up the chain every month.

Give 'em hell! Are you folks sharing any of your expectations about what will take place if all the moratoriums on foreclosures and evictions end?

 

[Zoe]

Give 'em hell! Are you folks sharing any of your expectations about what will take place if all the moratoriums on foreclosures and evictions end?

That's the way you see it? Danny don't operate that way. He has a level head. You are talking like a pandemic or something.

 

[Zoe]

Two best options are gse's to counsel and share with any problems they see or let all loans stay in house with the banks and do away with gse's. Banks could still share their data with appraisers. It could be like an information warehouse that a govt agency controls.

 

[Zoe]

Corelogic won't like it if a govt agency controls the data, but they can change jobs. Zillow sure won't like it and few others. Appraisers would like it because they are licensed professionals that could have access to the data. The Feds already regulate the banks, so the banks sharing data with a single govt agency is like taking candy from a baby. Easy these days. Then the govt agency just shares the data with appraisers. There are probably more details that would have to be solved from a legal standpoint. But it would work. Danny could go work for them. For example, states regulate some lending institutions, so the data would likely have to be shared by states. The feds could handle that though. And appraisers are licensed by states.

 

[DWiley]

Give 'em hell! Are you folks sharing any of your expectations about what will take place if all the moratoriums on foreclosures and evictions end?

I honestly don’t know the plans on that. Anything like that would come out of our economics group, not from the collateral team