GSE Desktop and Hybrid PPT

[alebrewer]

This may have already been posted somewhere, but in case anyone is interested, the PPT is attached.

 

[The Bob]

Although the new 1004 Hybrid/70H and 1004 Desktop/70D forms are available, they will only be used in a small number of appraisal reports for testing purposes. The traditional 1004/70 form remains unchanged and will still be used the majority of the time

So who decides when these are used?

 

[alebrewer]

So as I understand it, the agencies are planning on rolling this out early 2022 - February to be exact. (a) I don't think it will roll out that quickly, and (b) when it does roll out, I expect there to be some hiccups along the way. Once the kinks have been ironed out, I'd expect ~ 15% to 20% of all agency appraisals to qualify for these types of assignments. My guess is that the report requirement will be programed into AUS.

 

[ramrcdk]

Future USE depends on " The Willing ".
and the contingencies of ones E&O perhaps. TBD.

 

[Joe Flacco]

So as I understand it, the agencies are planning on rolling this out early 2022 - February to be exact. (a) I don't think it will roll out that quickly, and (b) when it does roll out, I expect there to be some hiccups along the way. Once the kinks have been ironed out, I'd expect ~ 15% to 20% of all agency appraisals to qualify for these types of assignments. My guess is that the report requirement will be programed into AUS.

Did you say you are currently a chief appraiser at a bank?

What is your 15-20% estimate based on?

 

[Joe Flacco]

15-20% not so bad. Maybe goes up from there over the years though.

 

[alebrewer]

Did you say you are currently a chief appraiser at a bank?

What is your 15-20% estimate based on?

Well, a lender - not a bank, and the 15-20% is pure conjecture... who knows - once the agencies have enough data to model, they may like the hybrids and desktops better than traditional 'full inspection' appraisals, and they become the new norm. OTOH, if the data suggests less than stellar results, they may go away, although I highly doubt that.

 

[NJAPRAZE]

This may have already been posted somewhere, but in case anyone is interested, the PPT is attached.

any idea what the antic cost to lenders will be for this product?
any diff from the curr cost of a full int/exter?

curious what the 'pitch' is...

 

[alebrewer]

any idea what the antic cost to lenders will be for this product?
any diff from the curr cost of a full int/exter?

curious what the 'pitch' is...

I don't... I'd suspect the sentiment is that the desktop and/or hybrid will be somewhat less costly than a full inspection SOW, but if, as the agencies say, the true value of an appraiser is in the analysis, not the inspection, then I wouldn't think the cost would be substantially less... my guess is that the time savings is more important to the lenders/intended users than the fee is... (generally speaking)

 

[Joe Flacco]

I have a hard time believing that the direction the GSE's are going is popular with risk officers at banks.

My view of the appraisal landscape is that GSE's are the biggest users but they are low level users with the lowest expectations.