GSE Waiver & Data Collection Data

[Joe Flacco]

Joe hybrids are not reported by the GSEs because there not being used except in Beta Testing. Your trying to mix waivers which aren't even appraisals. A waiver with a PDC is one where lender wants more info on property.

Hybrid appraisals are failed inspection based waivers. If they are only doing 5,000 inspection reports, then only the ones that fail to receive an inspection based waiver goes to the next step of hybrid appraisal.

 

[glenn walker]

They are ordering about 3-4 inspection reports per day per state, and ordering about 1-2 hybrid appraisals per day per state.

If the program is live in only 10 states, then they would be ordering 15-20 inspection reports per day per state, and ordering 5-10 hybrid appraisals per day per state.

TC might be the only hybrid inspector in Pennsylvania.

Joe think about what your saying.
Those charts are "waivers not hybrids " Rocket orders thousands of hybrids per month, as do all the large mortgage bankers. Hell just waivers alone have been more than 50% in some months.
TC and my retired Partner's Son must
be doing all the Hybrids in the United States..Lol

 

[glenn walker]

Again TC and Clay are doing all they hybrids ordered in the United States.

Somebody better stop them, because their a monopoly and have cornered the market. The software providers spent all this time and money to create forms for two lonely hybrid appraisers.

 

[Joe Flacco]

Joe think about what your saying.
Those charts are "waivers not hybrids " Rocket orders thousands of hybrids per month, as do all the large mortgage bankers. Hell just waivers alone have been more than 50% in some months.
TC and my retired Partner's Son must
be doing all the Hybrids in the United States..Lol

No, they are not. Show me the data. The data shows 5,000 inspection reports per month.

The whole point of hybrid is to get an inspection based waiver. If you don't get an inspection based waiver, then the inspection gets sent to an appraiser to do a hybrid.

What kind of retard would order the inspection from a different person than the appraiser without the incentive of possible waiver? The whole point of hybrid is that you don't have to do the inspection twice if they try to get an inspection based waiver.

 

[Joe Flacco]

This is how it goes.

You get a PDR to get a waiver and if you don't get a waiver then you go to the next step of hybrid appraisal.

The number of inspection reports submitted including both GSE is about 5,000 per month. The number of hybrid appraisals is a fraction of the number of inspection reports.

 

[George Hatch]

I don't understand why you people that are not involved with GSE appraisals have so much to say about it.

It is almost like you guys enjoy sticking it to people that are worried about being impacted by it.

Ah, the argument to motive. The fallacy of negating the content by challenging or criticizing the motive.

I can't speak for the others but in my case I have been parsing the semantics of what-is-an-appraisal on this forum for over 20 years.

Some of the reasoning relating to "who-is-doing-what" in an appraisal got developed pre-HVCC back during the ZAIO wars. The company's SRA did everything he could to avoid disclosing - under questioning from appraisers - the point that the reality that their "ZAIO-2055 in 60 seconds" was actually an AVM. An AVM that was using the local appraiser's pre-qualified data and modeling, but an AVM nonetheless. The appraiser's actual opinion of value (in the form of agreement with the AVM) wasn't occurring until a day or two after the "pre-signed" report was delivered. They were trying to conflate their AVM-on-2055 with a conventional 2055 as if it was the appraiser who actually formed their opinion of value as of that day when in fact it wouldn't have been occurring until after the fact.

An earlier example that recurred on a regular basis was the practice of supervisors checking the "did inspect" box on the basis of looking at the pics their trainee took when they did the solo inspection. Trainee working alone on the inspection wasn't the issue, but rather the lie that the supervisor personally inspected when they were not doing so.

So, "who is doing what" is a question that has previously been debated at length on this forum. I wasn't hacking out 1004s for MBs back then, either. But I was teaching USPAP and the laws/regs courses and others. So I had an interest in challenging the blatant untruths of some of these arguments on the basis of their respective untruths.

 

[J Grant]

No, they are not. Show me the data. The data shows 5,000 inspection reports per month.

The whole point of hybrid is to get an inspection based waiver. If you don't get an inspection based waiver, then the inspection gets sent to an appraiser to do a hybrid.

What kind of retard would order the inspection from a different person than the appraiser without the incentive of possible waiver? The whole point of hybrid is that you don't have to do the inspection twice if they try to get an inspection based waiver.

You are so mixed up.

A WAIVER ( now called Value Acceptance ) is offered per a property and borrower having certain characteristics. ( conforming properties, meet a credit and income borrower threshold ). If the borrower accepts the waiver offer, there is NO APPRAISAL. Fanne and Freddie do an AVM and after that, the LOAN OFFICER estimates the value ( the mortgage broker's wet dream ) or the sale price is the value - either one must fall within the AVM range. Some properties need a PDC collection attached to the Waiver. Some properties do not.

A HYBRID for URAR is an APPRAISAL and is ordered fo other properties or borrowers. The only difference between a hybrid and a traditional appraisal is that the inspection portion, known as a PDC collection, can be done by a third-party PDC person who need not be a licensed appraiser.

Hybrid appraisals are a different product line from a WAIVER.

 

[J Grant]

Hybrids from a client perspective make sense for AMC's with staff appraisers or large AMCs who might use staff and fee. For other clients, small AMC , lenders, or wholesalers who use their own panel, the Hybrid is twice as much admin work, hiring an inspector and engaging an appraiser, and coordinating the results. For no reward to the lender , the borrower is charged the same or a similar in either case. ,

 

[Non Sequitur]

This is how it goes.

You get a PDR to get a waiver and if you don't get a waiver then you go to the next step of hybrid appraisal.

The number of inspection reports submitted including both GSE is about 5,000 per month. The number of hybrid appraisals is a fraction of the number of inspection reports.

Per your chart ACE without a PDR is an option. As far as hybrids, the new hybrid option has just emerged from beta testing to a full-blown offering (see attached) so the data is lagging. Expect hybrid numbers to steadily increase since "over" 90% of loans are now eligible (see attached). It may take some lenders longer than others, but the large national lenders like UHM, Rocket, etc. will lead the way. In the not too distant future lenders who don't adopt the easy button will be at a competitive disadvantage, and I highly doubt that will last long.

 

[Joe Flacco]

Ah, the argument to motive. The fallacy of negating the content by challenging or criticizing the motive.

I can't speak for the others but in my case I have been parsing the semantics of what-is-an-appraisal on this forum for over 20 years.

Some of the reasoning relating to "who-is-doing-what" in an appraisal got developed pre-HVCC back during the ZAIO wars. The company's SRA did everything he could to avoid disclosing - under questioning from appraisers - the point that the reality that their "ZAIO-2055 in 60 seconds" was actually an AVM. An AVM that was using the local appraiser's pre-qualified data and modeling, but an AVM nonetheless. The appraiser's actual opinion of value (in the form of agreement with the AVM) wasn't occurring until a day or two after the "pre-signed" report was delivered. They were trying to conflate their AVM-on-2055 with a conventional 2055 as if it was the appraiser who actually formed their opinion of value as of that day when in fact it wouldn't have been occurring until after the fact.

An earlier example that recurred on a regular basis was the practice of supervisors checking the "did inspect" box on the basis of looking at the pics their trainee took when they did the solo inspection. Trainee working alone on the inspection wasn't the issue, but rather the lie that the supervisor personally inspected when they were not doing so.

So, "who is doing what" is a question that has previously been debated at length on this forum. I wasn't hacking out 1004s for MBs back then, either. But I was teaching USPAP and the laws/regs courses and others. So I had an interest in challenging the blatant untruths of some of these arguments on the basis of their respective untruths.

Im not negating or challenging your content or pov.

I'm saying you just come across as this person going "You guys are screwed.. neener neener neener"