More AMC and PDC Bull$hit

[George Hatch]

Others and I are commenting that few appraisers will enter or stay in the res lending side who are willing to assert these values for the extremely low pay and poor working conditions.

The GSEs know that and as you said, seem not to care - it is not all an evil world across the board, just certain segments of it are. For awhile, res lending oversight seemed to be going in a good direction, then it reversed.

Is there a question or some point of discussion in there somewhere?

 

[George Hatch]

they had to separate the appraiser from the mortgage broker...so the mortgage broker could estimate value themselves...don't believe? ask DW

The lenders didn't do that voluntarily. The govt made them do it. Then most of the lenders devolved to the less-work-for-them alternative.

 

[TerryRohrer]

I assume the requirements for more photos in an appraisal or because digital cameras were developed, and it became much easier to drag photos into the report as opposed to glue them like I started out doing.

Are we sure it’s because millions and millions of interiors of homes were incorrectly reported? Maybe, but that sounds like bull****.

If that’s really true, and you don’t have real professionals in a field, I would consider evaluating the low standards It takes to become an appraiser. Maybe raise the bar instead of lowering it?

Which is it?

You never seem to be too reliant on facts, so keep assuming and feeling your way along.

 

[J Grant]

Is there a question or some point of discussion in there somewhere?

I am offering my observations, as you do with yours.

 

[George Hatch]

You know that nobody disputes those particular observations, right?

 

[djd09]

The lenders didn't do that voluntarily. The govt made them do it. Then most of the lenders devolved to the less-work-for-them alternative.

oh was i talking to you...

 

[Surf Cat]

Because appraisers don't matter to them.

Kind of an oxymoron, no? They need the appraisal to make the loan but appraisers don't matter to them

 

[chad hampton]

You never seem to be too reliant on facts, so keep assuming and feeling your way along.

Feelings? Wtf you jabbering about?

I don’t trust professional liars when it comes to laying outs facts. I’ve seen how these guys operate.

 

[George Hatch]

Kind of an oxymoron, no? They need the appraisal to make the loan but appraisers don't matter to them

What did I say? I said that they only care that the appraisers do what they say they do in their work. Not whether they go broke.

Do you disagree with that characterization? Sure, we can say that on a moral basis they owe appraisers a duty of care and nurture that they don't extent to their own employees and that they SHOULD care about appraisers, but IRL they obviously don't. Regardless of what PR CorporateCore verbiage they use.

[T/F] If they wanted to, they would. That don't speaks to their priorities.

 

[J Grant]

What did I say? I said that they only care that the appraisers do what they say they do in their work. Not whether they go broke.

Do you disagree with that characterization? Sure, we can say that on a moral basis they owe appraisers a duty of care and nurture that they don't extent to their own employees and that they SHOULD care about appraisers, but IRL they obviously don't. Regardless of what PR CorporateCore verbiage they use.

[T/F] If they wanted to, they would. That don't speaks to their priorities.

We are saying, or at least I am, that they "Should" care about appraisers not just from a moral perspective but from a professional one. It is negligent in light of fulfilling their mission of public trust to develop products that do not value properties or market value ( the Fannie statement about value acceptance). But more to our point, they continue to look the other way regarding AMC fee predation, as it deprives consumers of getting loans from having the services of experienced and competent appraisers.

If taxpayers were not backing the loans, the entities could act as amorally as they want to regarding appraisals and appraisers. However, the US taxpayers are backing these loans. It is the taxpayer backing that enables the low down payments and favorable interest rates.