Help me with non-traditional appraisal products

[ucbruin]

I'm now willing to be an unlicensed PDC....

 

[djd09]

just another lap dog...

 

[djd09]

A loan officer’s ultimate guide to appraisal modernization​

A look into GSE appraisal modernization efforts​

The GSEs have each offered appraisal waivers on eligible loans for several years. Last year, Freddie Mac launched another solution that allows a trained property data collector to visit the home and gather images, measurements and property characteristics. More recently, Fannie Mae launched a similar solution.

The solutions, ACE+ PDR (automated collateral evaluation plus property data report) by Freddie Mac and Value Acceptance + Property Data by Fannie Mae, were designed to increase efficiencies for all stakeholders and lower costs in comparison to traditional appraisals, while maintaining the high risk mitigation standards employed by the GSEs. The two solutions vary, so the following section is designed to be your primer on both: how they work, what property data collection is and the differences between the two solutions.

What is property data collection?​

The key to either solution being effective is property data collection. Property data collection consists of a complete interior and exterior inspection of the subject property. A trained and vetted third party can perform the data collection. Requirements from both GSEs include data points describing the property characteristics, a floor plan and high-quality photos.

After a loan is deemed eligible for either solution, the lender requests property data collection from a service provider, such as an appraisal management company (AMC), which then assigns the data collector. The data collection may be different depending on the service provider the lender chooses. While all data collectors are held to similar minimum requirements, some may be equipped with enhanced technology to capture data.

For example, Class Valuation, one of the nation’s largest AMCs, provides its data collectors with imagery technology that creates a digital twin of the property. This ensures that, even if revisions to the property data collected are needed, no one will have to return to the property for additional data. For an LO working to get the loan to the finish line, this can be a huge time saver.

How the solutions work​

For those already familiar with other GSE appraisal alternatives, the new solutions’ names shouldn’t strike you as brand new. Both solutions were launched as follow-ups to existing appraisal waiver solutions.

The original appraisal waiver solution was launched in 2016. Fannie Mae announced Property Inspection Waivers (later renamed Value Acceptance + Property Data) as a new solution and Freddie Mac followed in 2017 with the introduction of automated collateral evaluation (ACE). Both options were met with varied responses by the industry at large, but rose to prominence during the COVID-19 pandemic.

A loan officer’s ultimate guide to appraisal modernization - HousingWire

A year after the GSEs announced new appraisal modernization solutions, as they’re more widely adopted, questions arise. How do the solutions work?

www.housingwire.com

oh look...we are on the same playing field as the mortgage brokers...right, DW?

 

[Tiffany Gibbons]

A little froggy for someone who doesn't get sheet

I got Certified and didn't just knock off at the easiest level, so I had more requirements to meet. You can do these all day long and if you lose your license, it's no big deal. You didn't invest as much and are over retirement age. Carry on.

 

[chad hampton]

A loan officer’s ultimate guide to appraisal modernization​

A look into GSE appraisal modernization efforts​

The GSEs have each offered appraisal waivers on eligible loans for several years. Last year, Freddie Mac launched another solution that allows a trained property data collector to visit the home and gather images, measurements and property characteristics. More recently, Fannie Mae launched a similar solution.

The solutions, ACE+ PDR (automated collateral evaluation plus property data report) by Freddie Mac and Value Acceptance + Property Data by Fannie Mae, were designed to increase efficiencies for all stakeholders and lower costs in comparison to traditional appraisals, while maintaining the high risk mitigation standards employed by the GSEs. The two solutions vary, so the following section is designed to be your primer on both: how they work, what property data collection is and the differences between the two solutions.

What is property data collection?​

The key to either solution being effective is property data collection. Property data collection consists of a complete interior and exterior inspection of the subject property. A trained and vetted third party can perform the data collection. Requirements from both GSEs include data points describing the property characteristics, a floor plan and high-quality photos.

After a loan is deemed eligible for either solution, the lender requests property data collection from a service provider, such as an appraisal management company (AMC), which then assigns the data collector. The data collection may be different depending on the service provider the lender chooses. While all data collectors are held to similar minimum requirements, some may be equipped with enhanced technology to capture data.

For example, Class Valuation, one of the nation’s largest AMCs, provides its data collectors with imagery technology that creates a digital twin of the property. This ensures that, even if revisions to the property data collected are needed, no one will have to return to the property for additional data. For an LO working to get the loan to the finish line, this can be a huge time saver.

How the solutions work​

For those already familiar with other GSE appraisal alternatives, the new solutions’ names shouldn’t strike you as brand new. Both solutions were launched as follow-ups to existing appraisal waiver solutions.

The original appraisal waiver solution was launched in 2016. Fannie Mae announced Property Inspection Waivers (later renamed Value Acceptance + Property Data) as a new solution and Freddie Mac followed in 2017 with the introduction of automated collateral evaluation (ACE). Both options were met with varied responses by the industry at large, but rose to prominence during the COVID-19 pandemic.

A loan officer’s ultimate guide to appraisal modernization - HousingWire

A year after the GSEs announced new appraisal modernization solutions, as they’re more widely adopted, questions arise. How do the solutions work?

www.housingwire.com

oh look...we are on the same playing field as the mortgage brokers...right, DW?

Change for the sake of change. Must be why half the appraisers at the GSEs are employed.

You would think that first time somebody at the GSE went into a meeting and came up with the ace plus PDR they would’ve been let go on the spot.

 

[ucbruin]

I got Certified and didn't just knock off at the easiest level, so I had more requirements to meet. You can do these all day long and if you lose your license, it's no big deal. You didn't invest as much and are over retirement age. Carry on.

I admit that you are correct....

I get SS and have decided not to renew my license....
So if PDC doesn't require a license and E/O, it could be a good part time gig for me....

20+ years ago, this would not have been my attitude....

 

[djd09]

Change for the sake of change. Must be why half the appraisers at the GSEs are employed.

they are just good ole boys...never meant any harm...making their way the only way they know how. thats just a little bit more than the law will allow

 

[Tiffany Gibbons]

Change for the sake of change. Must be why half the appraisers at the GSEs are employed.

You would think that first time somebody at the GSE went into a meeting and came up with the ace plus PDR they would’ve been let go on the spot.

Or if they agreed that all appraisers are racist. It'd be "Hold up, aren't you some kinda highly decorated appraiser yourself? Did DW and Scott both just say, "well, of course I'm the exception to the rule", even though I'm older, white, and male. Where's the Diversity hiring in those GSE director positions? No women or POC appraisers for those high spots?

 

[George Hatch]

Actually, my supervisor is very savvy and when he saw I how much I knew about FHA, VA and ERC appraisals from working at another appraisal company, I started doing those with him instead. I had no trouble getting my hours. Oh, and he's been a certified USPAP instructor since the 1990's and still teaches it for ASA.

Here's a fun story.....

I participated (and passed) in the very first USPAP Instructor Quals course TAF presented. In 2002, after I had already been teaching the course for several years. That's where I met DW, who was one of the instructors. Dick McKissock and a bunch of other notables flew into LA to take the course (I drove in because it was close) It was like a whos' who in the appraisal education business. George Dell was the first one to complete the test, but he apparently failed it. He ended up passing several months later. I passed the course without doing any of the 10 hours we were supposed to spend with the material prior to the course itself, but I had to really hustle in order to do it.

By my count, 2002 would have been ~10 years after you got your license.

My point wasn't that your supervisor was slacking in 1990, but rather that almost everyone at that time was underinformed. Including me (especially) and including probably a majority of the members on the state boards. There are a number of categories of work outlined by the AQB that qualify for experience credits *if those workproducts comply with USPAP*. Which the difference in requirements between an eval and an appraisal is very, very little. Mostly housekeeping and disclosures, not development or reporting.

 

[Dublin ohio]

I got Certified and didn't just knock off at the easiest level, so I had more requirements to meet. You can do these all day long and if you lose your license, it's no big deal. You didn't invest as much and are over retirement age. Carry on.

You are pathetic. Always going on about my license level. Seems you have a superiority complex. Fine by me. I am used to people that have a higher opinion of themselves than justified. DW's post went right over your head. So much for that certification. BTW I have only done a few desktops during covid. The recent ones I have been offered I opted to do a full 1004. I wonder why?