No bias here - keep moving

[Tom D]

Honestly , the best and most experienced appraisers I’ve ever known left the profession already.

Thank you for that upcoming compliment. I got 9 toes out of this business, going back to my fix and flip days, knowing the worst is yet to come with the new uad. I have direct lenders and their stuff is easily done, mostly big urban. But, lucky me. And personally, i don't care about who works in AMC hell anymore. That's a factory job now, not a profession.

 

[chad hampton]

Thank you for that upcoming compliment. I got 9 toes out of this business, going back to my fix and flip days, knowing the worst is yet to come with the new uad. I have direct lenders and their stuff is easily done, mostly big urban. But, lucky me. And personally, i don't care about who works in AMC hell anymore. That's a factory job now, not a profession.

You’re welcome and best of luck!! I’m down to about 40% of my income coming from appraising with the goal being 20% soon. I will always keep it as a part-time job, but I just can’t put my family’s financial future in the hands of the folks I see at the top with all the power and making the rules. too much bribery and threats and patting each other on the back for my liking.

I’ve said it for 20 years to anyone who would listen, when they started to go towards corporate appraisal, the goal of corporations is to put self-employed people out of business. And unless those self-employed professionals are willing to really get into the mud and fight, they will lose. There’s too many cowards at the appraisal boards that’s succumb to threats. It’s nowhere near a fair fight. All I’ve seen coming out from the appraisal organizations have been letters, letters don’t do **** when the people reading them are bought and paid for.

 

[George Hatch]

The snippet below is from the Q4 Fannie Appraiser Update. Based on their take, it would seem that about 90% plus of the folks on this forum (as well as the appraisal industry in general) are fairly incompetent... while I'm actually one of those who believe credible results can be extracted through alternative SOW products, I nonetheless think this is below the belt for the GSE's to try to shame appraisers into changing their minds.

View attachment 94795

Got a link? I'd like to see it.

 

[alebrewer]

Got a link? I'd like to see it.

Appraiser Update | Fannie Mae

Welcome to the Q4 2024 Fannie Mae Appraiser Update.

singlefamily.fanniemae.com

 

[George Hatch]

Much obliged

 

[George Hatch]

Whether they're right or wrong about their comparisons between conventional 1004 data vs PDR data, they're telling appraisers that they have been making these comparisons, and these are the results of those comparisons. They're also telling appraisers that their analyses included data from prior appraisals in their comparisons of the current conventional 1004s and PDRs, so their comparison isn't limited to just this one appraisal vs this one PDR. (As in, no presumption that either the appraisal or the PDR comprises the benchmark for the accuracy of the other)

 

[Tim Hicks (Texas)]

Got a link? I'd like to see it.

C'mon George, I googled in like 2 seconds!

 

[George Hatch]

Too lazy. I assumed in advance that Alebrewer would bail me out.

 

[Tim Hicks (Texas)]

The problem with Fannie Mae is that they have all the data and they think they know more than everyone else. I actually heard a Fannie Mae employee say that all he needed was the subject data and he could tell us what the property was worth. They took that theory and ran with it.

I guess that is all well and good in cookie cutter land, but it seems that every assignment I get has an appraisal problem to solve and the sales data is scant to nothing for that appraisal problem. From guest quarters counted as GLA by the tax office to 2500 sf 2 bedroom/1 bath homes or double wides with additions, there is very little market data for these type assignments.

 

[alebrewer]

Whether they're right or wrong about their comparisons between conventional 1004 data vs PDR data, they're telling appraisers that they have been making these comparisons, and these are the results of those comparisons. They're also telling appraisers that their analyses included data from prior appraisals in their comparisons of the current conventional 1004s and PDRs, so their comparison isn't limited to just this one appraisal vs this one PDR. (As in, no presumption that either the appraisal or the PDR comprises the benchmark for the accuracy of the other)
View attachment 94815

This one here is a bit suspect (see below). As I recall, the waivers (up to this point anyway) aren't allowed on construction loans, 2-4 families, value > $1M, Texas cashouts, leaseholds, coops, MFG's, loans with gift equities, etc. If they aren't comparing apples to apples (and there is no way to verify that other than just take their word for it), then this is misleading at the least.