GSE Waiver & Data Collection Data

[George Hatch]

You may have forgotten your Appraisal 101 course but appraising has been around for hundreds of years.

They should care what appraisers think since bulk of GSE lending orders still use appraisals - and a hybrid is an appraisal. Nobody cared much what appraisers thought wrt our petition and posting about the dangers of the pre-bubble run-up in prices - and we were right. Could have saved the nation billions in lost equity and foreclosures etc but whose counting....

IMO what the GSEs should actually care about is whatever truths we are conveying. Not how we feel about those truths.

The Appraiser's Petition was a complaint about external pressure to lie on behalf of the loan originators in order to enable them to cheat their own trading partners. The angle we argued was that the persistent and significant overvaluations which ensued represented a threat to the safe/sound lending. The only reason anyone even remembers that petition is because most of those allegations were subsequently proven.

There are no parallels between "appraisers are being coerced to conspire to cheat the lenders" vs "appraiser splits are too low" "AMCs are taking too much of the fee" or "only appraisers should be collecting subject property attribute data"

We can allege that waivers and hybrids are resulting in significant overvaluations, serious enough to undermine safe/sound lending. But this isn't a racism argument so merely making the allegation isn't considered to be prima facie proof of the allegation as is the case with the appraisers-r-racist allegation - wherein the burden of proof rests with the accused. For our "danger to safe/sound" allegation the burden of proof defaults back to accuser, not the accused. We gots to back the "threat to the public" allegation with some proof.

That's not to suggest that "significant overvaluations" aren't actually occurring. Maybe they are. But we don't have any indications of that yet - not on any significant scale.

 

[DWiley]

That's not to suggest that "significant overvaluations" aren't actually occurring. Maybe they are. But we don't have any indications of that yet - not on any significant scale.

The appraisal report is a risk management tool for lenders - and there is more risk than just value risk. When an appraiser does an appraisal "as is" when, according to lenders' policies it should have been done subject to a repair or inspection, that increases the risk to all parties. What the data very clearly shows is that when appraisers use property data reports, they are far less likely to miss calling out required repairs and/or inspections.

 

[Surf Cat]

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

And..... they can be done in an hour.... we can make it up in volume! LOL

 

[alebrewer]

And..... they can be done in an hour.... we can make it up in volume! LOL

Yeah.... about that.... We regret to inform you that volume, too, is being slashed.

 

[Surf Cat]

Yeah.... about that.... We regret to inform you that volume, too, is being slashed.

I don't know why with the shortage of appraisers.....

 

[George Hatch]

And..... they can be done in an hour.... we can make it up in volume! LOL

The brokers are telling you that as an inducement to do these assignments. That's not the same thing as a lender or a GSE saying it.

 

[glenn walker]

And..... they can be done in an hour.... we can make it up in volume! LOL

Lower your fees to $275.00 i guarantee your volume will increase. Lol

 

[George Hatch]

Salesmen sell. I don't know why anyone expect otherwise.

 

[Surf Cat]

The brokers are telling you that as an inducement to do these assignments. That's not the same thing as a lender or a GSE saying it.

Dude..... the native drums have been beating so loudly and consistently on this fallacy that even artificial intelligence believes it LOL

Hybrid Appraisal Takes One Hour​

Hybrid appraisals can be completed in 30–60 minutes, according to industry sources. This timeframe is often cited as one of the key advantages of hybrid appraisals, as it allows appraisers to focus on higher-level valuation tasks while a third-party vendor conducts the property inspection.

 

[djd09]

i do have a question...how many waivers did you perform today???