GSE Desktop and Hybrid PPT

[Joe Flacco]

I could see it going that way. Compared to what we were doing appraisals for 20 years ago, the AVMs have already skimmed a lot of those assignments off. Most of those being the easiest and most profitable assignments.

By the time it's all over I'm guessing the average degree of difficulty on the remaining "full service" assignments will be a lot higher than it has been in the past.

I don't think the alternative share can be any less than that because it probably wouldn't be worth the effort by all involved for 10-20% of the market.

 

[Mejappz]

The GSEs have become totally unregulated "competitors."

 

[Mejappz]

Suddenly those non-USPAP evaluations that states have passed and state-boards have been blocking don’t look too bad now.

 

[Mejappz]

It's why a few large AMCs are developing proprietary PAREA programs. Current indie appraisers will be replaced with cubical drones who were trained to complete them per a script.

One thing going for us is that no one in this country wants to work, and they certainly don't want to work for peanuts. I'm sure most of these PAREA applicants won't even pass the exam unless TAF lowers the bar even more, where even the illiterate can become an appraiser--Which would not surprise me since they need to make their IAC partners happy.

 

[sputnam]

If as appraiser you think that Hybrids and other "lesser" appraisal reports are a bad idea, then don't do them or do them at the same fee you would charge for a more standard appraisal report. The primary motivation for Lenders to request hybrids and/exterior only, and desktops is $$$.

 

[ucbruin]

If as appraiser you think that Hybrids and other "lesser" appraisal reports are a bad idea, then don't do them or do them at the same fee you would charge for a more standard appraisal report. The primary motivation for Lenders to request hybrids and/exterior only, and desktops is $$$.

If as appraiser you think that Hybrids and other "lesser" appraisal reports are a bad idea, then don't do them-period, end of sentence....

If as appraiser you think that Hybrids and other "lesser" appraisal reports are not a bad idea, then do them at the same fee you would charge for a more standard appraisal report.


"The primary motivation for Lenders to request hybrids and/exterior only, and desktops is $$$."
I will only speak on my behalf....
My primary motivation for completing any appraisal product is $$$....
For those other appraisers, they must have spouses with great paying jobs....

 

[alebrewer]

The primary motivation for Lenders to request hybrids and/exterior only, and desktops is $$$.

Pure speculation on my part, but I think the primary motivation is time. $ is a secondary motivation IMO, but who knows except those promoting these products...

 

[Terrel L. Shields]

Pure speculation on my part, but I think the primary motivation is time.

A few community banks that I have worked for are using evaluations. And one of the loan officers confided to me that they were offering them to save the consumer money...but basically her new bosses were charging the customer $350 and pocketing $100 of that. If they (the consumer) wanted a "real" appraisal it was $600 and they only paid max $400 at that time (couple years ago.) In this state were people who were offered evaluations and are not licensed by anyone.

 

[alebrewer]

A few community banks that I have worked for are using evaluations. And one of the loan officers confided to me that they were offering them to save the consumer money...but basically her new bosses were charging the customer $350 and pocketing $100 of that. If they (the consumer) wanted a "real" appraisal it was $600 and they only paid max $400 at that time (couple years ago.) In this state were people who were offered evaluations and are not licensed by anyone.

In the world I live in, production folks don't really care about price (at least within reason), as that's passed on to the borrower. They absolutely care about how quickly they can get the valuation document back. Prime example - rush fee in my world is ~ $150 - and those account for about 50% of our orders...

 

[Terrel L. Shields]

I get sales with short times until "closing" because the buyer failed to get approved for FHA or F/F - occasionally due to sale price, but more commonly needed repairs etc. Sellers here won't budge if asked to pay for repairs. Almost all the sold above list sales involve paying for a repair within the sale. Some of the below LP sales involve excess land where the excess has been lopped off to pass muster with FHA or F/F land issues...especially lake lots with docks. Those are dealt with on a separate personal property loan.