Hybrid Appraisals

[George Hatch]

Sorry, I keep forgetting that I need to be more specific with you. My reference is to those lenders which use AMCs, not all lenders. Specifically the decision makers at these AMC-friendly lenders. Not their underlings who don't make these decisions. Like the underlings you just referred to.

 

[Sadie]

This is actually a cogent grief. I, too, am concerned about the 'robo-writers' - specifically with respect to the quality of the reports. From a theoretical perspective, I've no doubt someone in Idaho can produce credible appraisals in Texas. I would quantify that statement, though, to add the caveat that the appraiser would need to be very familiar with the market - maybe moreso than someone who is actually in the market.

For the most part, though, that's not the case. I suspect many of the AMC 'churn n burn' shops have ghost writers making chump change, the 'appraiser' is just reviewing the report before signing, and then it's shipped. The impetus to the appraiser is obvious - the more he/she signs, the more money they make, so that there is an incentive to 'not' be as thorough as they should be.

Problem with review and sign is that your are putting your license on the line. Also those writers need to be disclosed as providing assistance.

 

[Mejappz]

View attachment 98774

Why are you sleeping? You could be doing 6-8 hybrids a day for $450 each...

Of course, Fannie and Freddie's AMC partners (Solidfifi) pay around $275.00 for a full 1004, including appraisal inspection. I am confident the from fillers are supporting their adjustments including for market conditions Not!

 

[shrubberyvaluation]

No anger. Just stating the facts of the situtation. It is an unwanted product by most of the stakeholders. It is unwanted and is not feasible.

It will be gone very soon.

AMCs want it, and they are getting FNMA to help push it.

 

[glenn walker]

Borrowers don't want hybrids, lenders don't want hybrids, appraisers don't want to provide hybrids. Nobody wants hybrids because it is a dumb idea. The only people that want hybrids are the AMC.

It is time to shut down the program.

The AMC doesn't control the type of orders. The AMC today is beholden to the clients it can capture to survive.

The money center banks and large wholesale lenders hire the AMC to carry out their want's and needs.

The AMC is in the same position as the fee appraiser but on a larger scale.
We used to have large AMC sales representatives come in and wine and dine the brass begging for a 12 month contract. If the AMC wasn't following orders it's contract was either allowed to expire or be re negotiated.

In no way did the AMC control what products we ordered and being a sales representative for a large AMC means charging and shaving cost for lender.

Where appraisers ever came up with this idea must be from forums or rumours but the lenders love the apprasers to blame the AMC because then it's the AMC that's hated not them.

The Bigg bank of America didn't get big by being stupid....lol

 

[Bobby Bucks]

If anyone is curious how “professional” the professional data gathers are, you need only join one of the Facebook groups where they gather to discuss the finer points of USPAP and how to cut corners. Ten minutes of reading their posts will tell you all you need to know about that part of the AMC sausage.

 

[George Hatch]

Unfortunately there's nothing new about that in this business.

 

[Mejappz]

Form another of Fannie AMC partners. This time, Classless.

 

[Mejappz]

But Robin Fannie and Freddie disagree with you on Class; they are one of the anointed ones.

 

[Mejappz]