GSE Waiver & Data Collection Data

[Tim Hicks (Texas)]

So many assignments are not very easy. Rural appraisals, properties with physical deficiencies, high end properties with limited sales data, odd ball properties. I would be hard pressed to think the opinion of value would be the same without a personal inspection.

I am part of the resistance.

I heard for years "you can make it up in volume" with lower fee products and that volume just never shows.

 

[Terrel L. Shields]

Its just a nomenclature used for a desktop appraisal (something that has also been around a very long time) where there is very recent data available on the home.

I was under the impression that FIRREA intended to make the minimum standards for a report for lending purposes that would improve upon what existed and to require some semblance of thorough and thoughtful analysis. What I see is the constant nagging about how appraisers are no good and cannot prepare a complicated and detailed report to intricate standards that are outside of USPAP on the one hand but are somehow perfectly fine to rubber-stamp short form reports as if some mickey mouse report was the bulk of the appraisers' task. 80% of the work is analysis of comps and market conditions but appraisers are expected to slash their fees to 30% of the regular fees they were once paid. At the same time, they are expected to buy expensive data programs, report writing programs and subscribe to every MLS, data source, and economic forum on the planet.

So many assignments are not very easy.

And a property inspector is generally unprepared to deal with many factors from septic to land conditions, soil conditions, demographics, etc. They have no clue about outbuildings. BUT what AMC gives a rat about the complexity of these properties? Everything is just a cookie-cutter to them.

 

[chad hampton]

When GSE’s talk about risk, take it with a grain of salt. Remember, their income is privatized, but their losses are socialized. Don’t be under the impression they are that concerned with risk.

 

[chad hampton]

And don’t buy the company bull**** line that hybrids have been around for decades. It’s not a coincidence that these people all run in the same circles and are helping their buddies out every chance they get. There’s a reason class valuation post damn near daily about how wonderful hybrid appraisals are. When’s the last time you saw any of these big AMC firms that are in bed with the GSE’s come out with anything about the importance of a full interior appraisal by an experienced certified appraiser?

There are no more coincidences. I’m going on a decade now unethical snake oil salesman pushing garbage that always seems to benefit their friends. Many of which they’ve rotated jobs with over the years. Hell, they still post pictures of themselves eating breakfast together.

And don’t forget, all the Wuhan flexibilities were supposed to be temporary.

 

[DWiley]

And don’t buy the company bull**** line that hybrids have been around for decades.

Actually, that is an undisputable fact.

 

[Mejappz]

Hell, they still post pictures of themselves eating breakfast together.

The Breakfast Club is together again.

Will you recognize me?
Call my name or walk on by
Rain keeps falling, rain keeps falling
Down, down, down, down
Don't you forget about me
Don't, don't, don't, don't
Don't you forget about me

 

[J Grant]

Hybrids have been around for decades, but not used much for origination loans or as split up 1004 -

 

[chad hampton]

I wonder if they were sitting around the breakfast table, talking about the importance of a full appraisal done by experienced certified appraiser?

I wonder how many appraisals everyone at that table has completed in the last 10 years

 

[DWiley]

Hybrids have been around for decades, but not used much for origination loans or as split up 1004 -

Yes - that is what I said.

 

[chad hampton]

That’s like saying appraisals written on napkins have been around for a long time too.