Hybrid Appraisals

[J Grant]

Boots on the ground appraisers can argue all day long, but the truth is the GSE’s are promoting hybrids as “nearly all SFR and condo loans will qualify for a PDC based valuation solution.”

The future is here. If you’re one of the lucky ones who are licensed in multiple states and have an in with one of the chosen AMC‘s or staff groups, good for you. Make bank while you can because they will replace you soon enough with a noob who they trained to do it their way. The rest of us will have to move along soon enough.

There are res appraisers with lender clients who do not use AMCs. Or just charge the AMC a good fee if you work for them - you have nothing left to lose. If they don't pay a decent fee, whether for an appraisal, a hybrid portion, etc, then it is time to stop. Working for lower and lower fees clearly is not the answer.

I don't think having a license in multiple states is the solution for most - or even that teh AMC.s predatory as they are, want that for the appraisal portion of an appraisal.

 

[Mejappz]

AMCs' big business is driving appraisers toward bankruptcy.

 

[glenn walker]

Just change the appraisal portion of certification to final " price" from opinion of value and it no longer is Under USPAP and not an appraisal-- but a Price Opinion which eliminates the need for a licensed appraiser.

Add in waivers and raise deminimus loan limits to the conforming loan limits and they could destroy the residential appraisal business overnight.

Then appraisers roles would shift almost entirely to Non Lender work with limited volume doing desktops and limited drive byes for heloc-seconds- and portfolio loans.

 

[CGinMN]

I think the form is partially to expedite that process of phasing us out.

Absolutely.

 

[Sadie]

This is a fallacy meant to scare us - the hybrids are still an appraisal and they require an appraiser.

or at the very least, an appraiser's signature and license #

 

[Surf Cat]

AMCs' big business is driving appraisers toward bankruptcy.

View attachment 98860

72 hours turn time for pictures and a measurement....yet an appraiser gets only 24 hours to produce a USPAP compliant report....smh

 

[J Grant]

72 hours turn time for pictures and a measurement....yet an appraiser gets only 24 hours to produce a USPAP compliant report....smh

My experience is clients except the apprasial 48 hours after the inspection and one can ask for more time - but im 48 hours from inspection is still tight -

 

[Bobby Bucks]

If and/or/when the loans go the REO route, will the credit default swaps contain watermarks identifying loans which were approved for this "exciting new opportunity"? Savvy journalists will want to know and will find out.

 

[glenn walker]

72 hours turn time for pictures and a measurement....yet an appraiser gets only 24 hours to produce a USPAP compliant report....smh

DW has stated numerous times the GSEs are now concerned more about condition of the asset. Reading between the lines I'm assuming the valuation risks have been quantified by the AI type algorithmic experts to have a 1% to 3% deviation and so the apprasers role has diminished tremendously and now they need to build the data bases with Good Physical Condition ratings on the real estate. The independent Data Inspectors can do a more focused job just on condition not thinking about value. So with the R being narrowed down to say 1% to 3% there will be no need for the appraiser portion of the hybrid and the future is just the Data Inspection form which the Underwriter will attach a machine driven loan value to the report. " there won't be appraser " involved at all.

That will be used on 90% of all loan portfolios sold to either GSEs or the new Wall Street private Non GSE type Mortgage Backed Mutual Funds and Black Rock managed pension funds.

 

[Mejappz]

My experience is clients except the apprasial 48 hours after the inspection and one can ask for more time - but im 48 hours from inspection is still tight -

For Hybrids, it's 24 hours, including weekends.