GSE Waiver & Data Collection Data

[Joe Flacco]

Do you think it is because PDRs are bad or because they are hard to source?

 

[Joe Flacco]

I think the sellers probably don't want to deal with all these extra steps. The decision tree is too complicated. Probably not a lot of demand for the PDR options. They want a waiver or appraisal.

 

[CGinMN]

We will see. Yes, lower lender adoption because of the complications. I wouldn't think they'd have trouble sourcing them, especially in metro areas.

 

[shrubberyvaluation]

Since the narrative on why PDCs are necessary isn't based on reality, there must be some real reason they are wanted. They typically don't want an appraiser to do the PDC, they want someone who used the app on their own house and is ready to go. Oh and this is because appraisers are biased...and because the PDC can't be racist/bias with no liability for it, while the appraiser would be blacklisted for lowballing people at the very least.

Why do they want someone inexperienced to do the PDC? So they have errors? And why would they want errors? Because the errors can go in the favor of pumping up the number when its a stretch. Also real estate agents as they would not want to "kill deals" for their fellow agents, and its not like its the experienced agents doing PDC for pennies.

 

[Justinjla]

Since the narrative on why PDCs are necessary isn't based on reality, there must be some real reason they are wanted. They typically don't want an appraiser to do the PDC, they want someone who used the app on their own house and is ready to go. Oh and this is because appraisers are biased...and because the PDC can't be racist/bias with no liability for it, while the appraiser would be blacklisted for lowballing people at the very least.

Why do they want someone inexperienced to do the PDC? So they have errors? And why would they want errors? Because the errors can go in the favor of pumping up the number when its a stretch. Also real estate agents as they would not want to "kill deals" for their fellow agents, and its not like its the experienced agents doing PDC for pennies.

As an appraiser and a representative of Fannie Mae who has worked on the hybrid and PDC options, I can tell you that we absolutely encourage appraisers to do property data collection. You will not find anyone at either GSE or any documentation that suggests otherwise.

 

[CGinMN]

You should have required it then. Since you didn’t, then you must think at least one of the following. Either A) appraisers are only worth $25-$50 per PDC, or B) AMCs will voluntarily give their margins away to appraisers. Which one do you pick?

 

[ucbruin]

As an appraiser and a representative of Fannie Mae who has worked on the hybrid and PDC options, I can tell you that we absolutely encourage appraisers to do property data collection. You will not find anyone at either GSE or any documentation that suggests otherwise.

I would consider this....
If license and e/o are not required....

 

[Justinjla]

You should have required it then. Since you didn’t, then you must think at least one of the following. Either A) appraisers are only worth $25-$50 per PDC, or B) AMCs will voluntarily give their margins away to appraisers. Which one do you pick?

We tested property data collection for seven years. We tested it with appraisers, insurance inspectors, realtors, and several other workforces. We observed similar results across all workforces. That is because of the standardized, objective nature of the data standard, and also a testament to the intuitive technology that is used to collect the data. We have received over 350,000 PDC’s to date, and we have compared that data to data we see in appraisals on the same properties. By every objective measure we have, it compares very favorably. Additionally, we have received over 250,000 hybrid appraisals that used a PDC. We have compared those appraisals to traditional appraisals on the same properties and again, they compare very favorably. If you have not seen what a PDC looks like, I encourage you to look at one. It’s more comprehensive than any inspection I ever did as an appraiser. While we do not control what vendors charge or pay, I am not aware of anyone paying $25 for a GSE Uniform Property Dataset. Make sure you are not confusing it with lesser scope data collections or inspections typically used for servicing scenarios.

 

[Mejappz]

Ia am not aware of anyone paying $25 for a GSE Uniform Property Dataset. Make sure you are not confusing it with lesser scope data collections or inspections typically used for servicing scenarios.

Are you aware that Clear Capital is offering appraisers $125.00 for the valuation? Additionally, the report must be submitted within 24 hours. The one-click acceptance feature could potentially violates Florida state law, as it may not provide the appraiser with a reasonable opportunity to complete the report.

 

[Joe Flacco]

We tested property data collection for seven years. We tested it with appraisers, insurance inspectors, realtors, and several other workforces. We observed similar results across all workforces. That is because of the standardized, objective nature of the data standard, and also a testament to the intuitive technology that is used to collect the data. We have received over 350,000 PDC’s to date, and we have compared that data to data we see in appraisals on the same properties. By every objective measure we have, it compares very favorably. Additionally, we have received over 250,000 hybrid appraisals that used a PDC. We have compared those appraisals to traditional appraisals on the same properties and again, they compare very favorably. If you have not seen what a PDC looks like, I encourage you to look at one. It’s more comprehensive than any inspection I ever did as an appraiser. While we do not control what vendors charge or pay, I am not aware of anyone paying $25 for a GSE Uniform Property Dataset. Make sure you are not confusing it with lesser scope data collections or inspections typically used for servicing scenarios.

How come Fannie Mae use of waivers declined while Freddie Mac usage continued higher?

And why did Fannie Mae purchase fewer loans than Freddie Mac last year?