I'm not surprised..

[Joe Flacco]

All appraiser dissatisfactions come down to one thing which is the implicit government guarantee of MBS issued by the GSE.

 

[Mejappz]

And let's not forget those poor attorneys trying to make a fast buck when- and wherever they can when the opportunity arises.

Yes, let’s not forget those poor attorneys who have made an absolute killing between the phony racial bias narrative and now the BBG scandal. Like you said the whole system needs a complete overhaul starting with the sacking of the fat disgusting “leadership” that has plagued the industry for decades.

Freddie Mac places appraiser BBG under review

Freddie Mac halted accepting loans using valuations or appraisals from one of the Big Five appraisals firms amid widening investigation into mortgage fraud.

therealdeal.com

 

[Mejappz]

 

[djd09]

View attachment 90812

redisclouses will fix it...

 

[Mejappz]

Since they buy the vast majority of loans, the result of low quality appraisals impact them more than anyone else. -- So, it does make sense to give them the responsibility of hiring the appraiser or, as the VA does, providing a list of acceptable appraisers - and flat fee (no negotiation).

- IT DOES NOT MAKE SENSE TO LET ANY INTERMEDIARY HIRE THE APPRAISER and set the fee - IF THE LOAN IS GOING TO BE SUBJECT TO SALE TO, OR GUARANTEE BY A GSE.

Doesn't the VA require VA lenders to use VA approved appraisers? Don't they have a flat fee? What is wrong with that?

That’s a good point. It’s unusual to hear complaints from the VA panel of appraisers. While they’re not flawless, their system is far superior to the secondary market. My suspicion is that the GSEs might have some financial motivation to work with these AMCs. They would never admit it, but what other reason could there be for partnering with moral scoundrels firms like Class Valuation, Solidifi, and Clear Capital?

 

[djd09]

Yes, let’s not forget those poor attorneys who have made an absolute killing between the phony racial bias narrative and now the BBG scandal. Like you said the whole system needs a complete overhaul starting with the sacking of the fat disgusting “leadership” that has plagued the industry for decades.


View attachment 90811

Freddie Mac places appraiser BBG under review

Freddie Mac halted accepting loans using valuations or appraisals from one of the Big Five appraisals firms amid widening investigation into mortgage fraud.

therealdeal.com

dont forget the 500 k to relman...the E&O lawyer is a flip flop fish

 

[Mejappz]

dont forget the 500 k to relman...the E&O lawyer is a flip flop fish

Frank says it is all above board don't worry about it.

 

[djd09]

frank disappeared again...

 

[Mejappz]

frank disappeared again...

Kelley Queen and King Dave must have muzzled him.

 

[NC Appraising]

You keep saying that, but that is not how it works, the AMC has to charge the same fixed fee - they don't get to charge more on the next one

Correct. They have a fixed fee contract with the lender.

That is meaningless. See the OP price sheet.

They have a fixed fee from the lender. Yes. Agree. What, we will call the overage a tip...from the borrower.

Now where you are wrong in my opinion. I still respect you. So no hard feelings. In your previous post you stated that the AMCs lose on some and get overages on others. Thus equalling out.

If they are charging a fixed fee, how can this be? It's not a fixed fee per say.. It's a fixed fee with a tip. Let's take out the tip. Borrowers are not aware that they are giving AMCs a tip.

Now if the AMCs takes a loss on one. That's the cost of doing business.

"They do not get to charge more on the next one"

They kinda do...they get a tip.

AMC takes a $200 loss on an order.

Next order: AMC standard fee from lender $150. Borrower pays $650. AMC pays appraiser $350. AMC theorically gets to charge an extra $150 for the prior loss.

The appraiser is not able to get a tip. The fee remains $350.