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Modernization Petition

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O

OHApp

Freshman Member
Joined
May 17, 2020
Professional Status
Certified Residential Appraiser
State
Ohio
Everyone should sign this petition. It takes less than two minutes.

www.change.org

Sign the Petition

Stop Fannie Mae from eliminating appraisers and consumer protection from mortgage lending
www.change.org www.change.org
 
I was talking with a good buddy mortgage broker this morning. I haven't talked to him prior to Covid.
I asked him about appraisers waiver. He mentioned one of his lenders close loans very quickly to his surprise.
He said a realtor or like goes and get info on property and send it to a desktop appraiser to look at it. WFT.
It finally hits me that lenders are trying to bypass us full inspection appraisers. :cry:
 
Fernando said:
I was talking with a good buddy mortgage broker this morning. I haven't talked to him prior to Covid.
I asked him about appraisers waiver. He mentioned one of his lenders close loans very quickly to his surprise.
He said a realtor or like goes and get info on property and send it to a desktop appraiser to look at it. WFT.
It finally hits me that lenders are trying to bypass us full inspection appraisers. :cry:
Click to expand...
Ding-Dong The Light Turned On : ) LMAO
 
it must be very sheltered. never heard him say a bad word about calif, except for issues involving his commercial properties when he has to face the common people.
 
Its a done deal. Petition or no petition - the waiver program began a long time ago. Its going into overdrive beginning in April. Many properties will qualify for waivers given the amount of refis and purhcases we have completed in the past 24 months. Here is the link on the waivers, what homes are eligible and what the process is.

 
I had a loan officer friend who told me about a 1.5 years ago (when we were all worked to death and not sleeping) that 70%-80% of loans were being closed with waivers/AVMs (even in rural markets)..... I think that's dropped off considerably since then... but still. Senate Bill 2155 from 2018 is the major culprit. (yes, waivers were around before then but they weren't used to the hilt like they were during COVID). I couldn't believe the president signed it. It rolled back some significant consumer protections that had been in place since the Great Depression. What was SCARY to me is how often sales in the MLS were closed using AVMs/Waivers, (many that I saw were above market value) and appraisers were using these as closed sales which pushed the market up even higher!

Not to be a debbie downer or anything but, when the next crash comes, they'll still blame appraisers. The positive side of me still thinks there will ALWAYS be a need for credible appraisals. Though there may be blood in the streets, those of us who do a good job and are ethical will still have work.
 
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