Hybrid

[Meandering]

https://www.fanniemae.com/content/FAQ/appraisal-property-report-faqs.pdf





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[Meandering]

sorry,

your unlicensed person can not only do the inspection
Fannie forms are required, not made up BS

And the signing appraiser is responsible for everything in the report, including the missing fannie form.

 

[hastalavista]

https://www.nationalmortgagenews.co...ppraiser-visits-fannie-mae-pilot-asks-why-not

It is incredible!!!
Fannie seems to be testing a pilot program that the rules for its current appraisal policy would never allow.
I wonder if anyone should tell them ... or should we just watch them continue to test out a program that their own internal-appraisal policies, written for their current appraisal products, wouldn't allow?

I think I'll let them continue and then laugh at them when they try to introduce it as a regular program, while citing their own guidelines prohibiting from doing so as the reason for my laughter.

I cannot wait.

 

[Meandering]

Maybe since you can recognize they may be testing something,

You can admit they have not yet found them credible.

Else the test would be over and settled.




Not acceptable at this point in time.



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[Meandering]

Central banks try to stop another GFC
Warnings of a possible recession and collapse in asset prices show the world's central banks don't want a repeat of a decade ago.


Global markets risk a 'brutal correction'
The Faustian pact of easy money since the Lehman crisis is closing in on the developed economies.


Fed on lookout for recession
US central bankers discussed whether recession lurked around the corner and expressed concerns about global trade tensions at their June gathering.


A recession?

Sure nobody ever has time to review appraisals during a recession, they are always too busy trying to figure out why those properties aren't worth what they appraised for. Hope you all have copies of those new "high tech" appraisals and can defend doing everything the interested party told you to do.

 

[djd09]

https://www.fanniemae.com/content/FAQ/appraisal-property-report-faqs.pdf

Spoiler alert.

 

[Meandering]

Spoiler alert.

And if you look at Fannie's policy.

It is not an unknown inspector that is allowed to inspect the property.

Nope, a trainee - licensed or not and the appraiser is still responsible for everything.

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[Non Sequitur]

I think a significant percentage of people who post here will end up doing them, because if things play out the way it looks like they will, "hybrids" are going to replace 20% to 40% of the current 1004 volume. There are plenty of people on this forum who are on my own panel, but routinely state that they do no AMC work. So, the number of people who admit doing "hybrids" will likely be less than those who actually do them.

I have no doubt appraisers will complete them, they are now. The big question is “How many appraisers will be needed to complete them?”

Mortgage origination work is relative fixed, it’s not going to take a significant portion of appraisers to fill the demand. A bunch of appraisers will be left out, and from what I’ve read and what I’ve seen, there is an argument that less than half of appraisers who complete “traditional” Fannie forms will be needed when when the new process is rolled out nationally. While fees are an issue (big issue) IMO how this will affect the overall health and numbers of the residential industry will be the main issue 5-10 years from now.

With that said, Fannie doesn’t owe appraisers a living and more than a few appraisers have an entitlement mentality, they believe lenders should bow down to their certification/license. But technology will continue to move forward, with us or without. Don’t believe it, just ask the taxi cab industry.

 

[DWiley]

Does anyone truly think that if Fannie adopts/approves of some new process that there will not be corresponding changes to the Selling Guide? It might be worth recalling that similar testing (followed by corresponding Selling Guide changes) has been conducted in the past with new forms/services (e.g. 2055). The current rules are rules that Fannie itself is in charge of writing (and changing), and any subscriber to their notification service can confirm that changes to the Selling Guide are not an infrequent thing. I would wager that any necessary Selling Guide changes are already sitting somewhere in draft mode.

 

[Deleted member 130081]

This industry has been, and continues to be, driven by the bank client, not the licensed valuation professionals. Bank clients say jump and appraisers ask how high, with a small but submissive grumble. Until appraisers organize into a collective voice, this will continue to be the case.