GSE Waiver & Data Collection Data

[J Grant]

I completely agree that the bias allegation looks like it was just added as an afterthought, and that these attempts are more about leveraging the dwindling supply of available appraiser hours.

TO ME it looks like they're willing to pay the higher rate for the hours which actually require an appraiser's analyses, opinions and conclusions; but 1/4 that rate for the hours that don't require any of an appraiser's training, knowledge, experience or appraisal competency.

The number of residential appraisers is in decline so they might be anticipating that the "available appraiser productivity" could put them in the servient position in the supply/demand dynamic. They don't want to pay $1000 fees for Fernando's SFR reports ever again.

I agree with your analysis of their fee percentages, but even with that, in a hybrid, the appraiser is losing money by doing a section of the report rather than the whole .

The number of residential appraisers is declining because the GSE's policies led to it,, combined with stakeholders' support for AMC fee predation.. Many people would love to enter the field of appraising if this were not the reality.

 

[Surf Cat]

TO ME it looks like they're willing to pay the higher rate for the hours which actually require an appraiser's analyses, opinions and conclusions; but 1/4 that rate for the hours that don't require an appraiser's training, knowledge, experience or appraisal competency.

Based on my mentor doing these...I completely disagree. At least here in CA.

If a full appraisal is going for $500 from an AMC (on a good day) less 25% would be $375. The AMC's believe the "analysis and opinions" can be formulated in an hour. Thus, only willing to dole out $125. So no, they are not willing to pay a higher rate for the analysis.

Correct me if I'm wrong, but you appear to agree with the AMC's or the lenders as you always say, that the inspection, is a unnecessary part of the appraisal process.

 

[J Grant]

If the appraisers refused to budge on fees - for example, fee for a full appraisal is $550 and the hybrid fee offered for the analyis appraisal is $350- and appraisers said $550 or we wont; do it, the hybrid model would disappear from the fee appraiser realm- because a lender or dlient wold have to pay extra. It probably won't happen. Instead, more appraisers will go out of business

IF an AMC offers $125 to the PDC collector, the AMC needs to tack on a profit, so the AMC will take $200 from the appraisal fee ( and they will also take a portion off the destkp portion so the fee from an AMC fr it will be closer to $250- $300 and not $350)

Anyone can see how this is yet another loss of income (and control) to an already afflicted profession. The reps here trying to normalize it goes over as well as a rapist sending flowers to a victim with anote about how awesome it was.

 

[Tim Hicks (Texas)]

Bite me, Duckie Boy!

Would you prefer I talk about the Pirates?

 

[Tim Hicks (Texas)]

Appraisers already get raked over the coals by underwriting on any appraisal assignment that is not cookie cutter in nature. They don't want to suffer the same carnage on a lesser fee analysis and opinions section of a report where they are relying on third party inspections. Why didn't you use these old sales? The appraiser should have found another sale with seven barns. There are other sales that are within one mile that could have been utilized (not on 10 acres, not with workshops, barns, not with only two bedrooms, etc). Why would we want the same hassles with hybrid appraisal?

 

[J Grant]

Appraisers already get raked over the coals by underwriting on any appraisal assignment that is not cookie cutter in nature. They don't want to suffer the same carnage on a lesser fee analysis and opinions section of a report where they are relying on third party inspections. Why didn't you use these old sales? The appraiser should have found another sale with seven barns. There are other sales that are within one mile that could have been utilized (not on 10 acres, not with workshops, barns, not with only two bedrooms, etc). Why would we want the same hassles with hybrid appraisal?

Exactly - the same post submission stress and hassles for less money, because it is an originating loan, not a small HEOC loan there is no or rare pushback.
Add that, when we do not do the inspection, it is harder to feel confident about the value and defend it if challenged.

I did three hybrids during COVID and hated it - had decent photos provided and a floorplan, etc, but it just was not the same as visiting the property,

 

[TC]

Would you prefer I talk about the Pirates?

 

[J Grant]

The advice is -just refuse to accept Hybrids.
OF course, that is a choice, and the result is that one loses even more income.
Then they wonder why PAREA has just a trickle of graduates -

 

[Tim Hicks (Texas)]

I say "no" to AMCs and Hybrids. And Fernando to Texas.

 

[glenn walker]

The solutions are build a business model that doesn't involve hybrids or if you can't then maybe time to get career counseling on how to enter a new profession.

For a young person there are better opportunities out there. For a old timer who can make another 6 years then just concede and take what you can get. But try to get better assignments.