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Illegal In House Valuations

if their system was honest....there would be transparency...since there is none...public trust will die in darkness :rof:
 
djd09 said:
if their system was honest....there would be transparency...since there is none...public trust will die in darkness :rof:
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What lender operates their own internal underwriting with whatever transparency it is that you favor? Exactly how much justification do you think appraisers are entitled to? It's none of our business how the GSEs underwrite their purchase decisions except to the extent it takes for us to comply with their appraisal policies.

If the level of transparency the GSEs have with their regulators and secondary mkt trading partners is within specs then that's all the disclosure they are required to provide.
 
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George Hatch said:
The level of transparency the GSEs have with their regulators and Secondary Mkt trading partners is within specs then that's all the disclosure they are required to provide.
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Then how did they go broke in 2008? I mean seriously, isn't "oversight" a mite flawed when they were allowed to run amok? They didn't go under due to loans going south. They went under backing worthless interconnected instruments like MBS and Credit default swaps, not the individual mortgages. Over the past 15 years or so, the government has slowly loosened its grip on these market actors and in doing so, slowly but surely erodes the security of the system.

 
Terrel L. Shields said:
Then how did they go broke in 2008? I mean seriously, isn't "oversight" a mite flawed when they were allowed to run amok? They didn't go under due to loans going south. They went under backing worthless interconnected instruments like MBS and Credit default swaps, not the individual mortgages. Over the past 15 years or so, the government has slowly loosened its grip on these market actors and in doing so, slowly but surely erodes the security of the system.

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Maybe their disclosures weren't within specs. Maybe they were in the wrong all along. Maybe they engaged in foolish and risky decision making. Maybe they engaged in criminal conduct. I don't assume their virtue or performance or their competency simply because of their status. But none of these considerations alter the situation for appraisers. The appraiser's obligation is limited to performing the appraisal to specs; not to scrutinize or participate in their underwriting protocols.

Whether they were good or evil, right or wrong, wise or foolish; its immaterial to the question of how much "transparency" they owe appraisers. They never owed the appraisers any disclosures about any part of their programs beyond the specifics of their appraisal policies. If they have ever provided appraisers more than that then it would have been as a matter of discretion on their part. Not duty or obligation or requirement.
 
BTW, one advantage an appraiser working on staff has is that they only have one set of appraisal policies to understand. They don't need to use the ACME Universal Widget template or play the odds with making uninformed assumptions about the requirements of a dozen different clients and users.
 
djd09 said:
if their system was honest....there would be transparency...since there is none...public trust will die in darkness :rof:
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Since the public and even the AMC's which would rather hire jr. real estate agents as PDCs don't trust us. And appraisers won't collectively stand up for themselves....I propose a new class.

Advocating for the Enablers: How to become the solution, not the problem for the lenders.

This class is chock full of solutions and workarounds to "make the deal work" and most importantly, make your client happy! After the conclusion of this class, you'll be begging for the orders to stop!

Some modules of the class include;

* Choosing Superior comparables and calling them inferior.
* Turn externalities into desired locations
* Why deferred maintenance really means
historical character.
* Make photos work for you, not against
you.

Who needs public trust when you have the trust of the lenders? Stop being the speed bump and be the solution! Sign up for your class today!
 
A large percentage of appraisers hate all or almost all of their clients. That's hardly the case of appraisers trusting their clients.
Their hatred doesn't stop them from doing business with their enemies, though.

Weird, right?
 
You hate the fee and the AMC point of contact. And usually the AMC-using lender as well. TBH, I don't know what reasoning it takes to say you can hate the AMC but not hate the lender who chose to use that AMC knowing full well what the fee splits look like. That lender CHOSE to pay you less regardless of whether/not you're willing to come to terms with who-did-what.

Regardless and as I said, most appraisers are still taking those assignments despite their anger and frustrations. Unless they have what it takes to develop other alternative sources of work.

And then there are all sorts of criticisms of the GSEs whose appraisal policies the appraisals are required to meet. Up to and including complaints about the ethical conduct and profit motivations of those GSEs. We see those complaints on this AF every day.
 
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