GSE Waiver & Data Collection Data

[Zoe]

Makes sense, with all the liability, additional assumptions, and disclaimers you have to do when relying on non-licensed appraisers performing appraisal services, you might as well call out for every little thing you see. If I did these bastardized products, I'd do the same.

Yeah, this rhymes with some of my concerns.

 

[Zoe]

I know real estate agents that don't know anything about construction and things like that. And they are heavily biased parties legally.

They make their money selling houses. That is the specialty and being heavily biased for their client. Their bias is completely legal for their client.

Real estate agents will turn to experts in a heartbeat if it favors their client. The best real estate agents don't care about pdc unless it can get them a sell.

 

[Zoe]

Same token, a GSE is a heavily biased party legally. A GSE makes more money the more house loans they buy? Do you see the big picture?

A GSE is in the business of buying and selling home loans.

 

[alebrewer]

I actually discussed this happening a while back that they will have to train new people for this.

I think you're right about this. Most veterans won't be able to make the mental shift. You simply cannot perform credible assignments in an hour. Can't be done. So one of the first things the new folks will have to come to terms with is that credibility is not relevant. Speed is relevant. Even at $200/order, you'd have to do 40+ a month to make a decent living - and I expect the fee will eventually settle out way under the $200 mark. Wasn't too long ago the F/F guys were busting on appraisers for doing too many. Now you're going to get penalized for not doing enough.

 

[NC Appraising]

Yea call it all out, especially not sure. Could be worse than the pdc documents. For instance if there is a cosmetic crack in the foundation noted but a crack that does warrant further inspection not noted you could get burned for not calling out for inspection for the cosmetic one. If someone questions the repair, say I wasn't there but the pdc seemed to feel it was important.

Perfect example.

I have noticed that my best client are now going through my pics with a magnifying glass. They are calling out everything.

If I include a crack of the brick veneer in my Report, they now want me to make it subject to inspection as I am not a expert. Lenders just cta.

I use to just say cosmetic.....every home in the south has cracks in the veneer.

The lenders are tightening up for sure. I think it's due to more data from the pcr. Stinks for the borrower having to pay someone to look at a cosmetic crack.

That being said, I remember on this forum 10 years ago wondering why conv appraisals were always..mostly as is when if you compared FHA with the gses not much different when it comes to repairs and the need for inspections.

 

[alebrewer]

It did not promote their use in any way. It simply said it didn't violate USPAP.

"I did not intend for it to promote their use in any way" would be more accurate, no?

 

[Non Sequitur]

It is not unimaginable that in the near future that technology will allow appraisers to use their phones to point out all sorts of potential defects with things they are not traditionally experts in. Electrical, structural, roofing, moisture, etc. The result will be calling for more repairs, more third party inspections, if that is the goal.

Appraiser used to mean one who provides an opinion of value free from bias.

This is a point that gets glossed over IMO. I don't know any appraisers who routinely took photos behind washers/dryers, used selfie sticks to zoom in on roofing shingles, took photos of every slight rub or scratch, etc. IMO the so-called repair items found by agents acting as inspectors are exaggerated and are being used to smear the reputation of appraisers so AMCs who make money off of PDCs can gain market share.

 

[Surf Cat]

This is a point that is glossed over IIMO. I don't know any appraisers who routinely took photos behind washers/dryers, used selfie sticks to zoom in on roofing shingles, took photos of every slight rub or scratch, etc. IMO the so-called repair items found by agents acting as inspectors are exaggerated and are being used to smear the reputation of appraisers so AMCs who make money off of PDCs can gain market share.

I don't know....calling out every single minor repair defeats the whole purpose of the hybrid churn and burn. It's about speed and ramming the appraisal through to fund the loan.

I used to get grief for calling out the need for a qualified contractor to inspect a particular item. For example, I would notate that even though there were no ceiling stains on the interior, the roof appeared to be at the end of its useful life, had three layers, with the top layer worn and with apparent patches. The AMC phone jockey would be turning the screws in me to make it as is as opposed to subject to inspection.

Again, I've never done one so I don't know. A 100 bucks to write up a 1004 that I didn't inspect is a non-starter for me....

 

[Mejappz]

Bill Pulte pledges to scrutinize ‘underperforming’ Fannie and Freddie​

Bill Pulte, the newly confirmed director of the Federal Housing Finance Agency (FHFA), is wasting no time in making a splash with Fannie Mae and Freddie Mac, suggesting they too might receive the DOGE treatment that other government entities have already experienced.

In a series of messages posted to his Xaccount on Friday morning, he wrote:

“Fannie and Freddie generate over $30 billion in earnings per year. The Fannie & Freddie Management Teams and I will immediately review their 2025 budgets (like business does!) to help restore the American Dream for Americans who have been crushed these last 4 years.”

Pulte has not mentioned loan buybacksin the single-family space, a bugaboo for originators who regularly complained to Pulte’s predecessor, Sandra Thompson, that the GSEs were too aggressive in making them repurchase loans that were performing but had minor defects.

Bill Pulte says he‘ll scrutinize ‘underperforming’ Fannie and Freddie

FHFA Director Bill Pulte is wasting no time in making a splash with Fannie Mae and Freddie Mac, and the GSEs may soon get the DOGE treatment.

www.housingwire.com

 

[shrubberyvaluation]

This is a point that gets glossed over IMO. I don't know any appraisers who routinely took photos behind washers/dryers, used selfie sticks to zoom in on roofing shingles, took photos of every slight rub or scratch, etc. IMO the so-called repair items found by agents acting as inspectors are exaggerated and are being used to smear the reputation of appraisers so AMCs who make money off of PDCs can gain market share.

Yea, I doubt agents are spending time trying to find things to hurt their fellow agents.