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PAREA: Darn the torpedoes / 3 Sheets to the Wind

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Lindseyw said:
I knew it! All my easy appraisals went out the window 2 years ago. All of them. ****ty how the AMCs were put in place to provide a safety net for the public…looks like AMC/Thelender influence could be the next crisis. (At least I hope so)
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The next crisis is in progress right now for the Residential Loan Production appraisers . The AMC and the
Lenders like Wells Fargo-Bank America-and others cleaned house in the last two weeks . Thousands of Processors Underwriters- Appraisers are now all gone. Thn you have the Big Mortgage Bankers like Quicken -Rocket and many others and the same thing almost all their orders go to Large AMCs . Now between enhanced waivers, desktops. hybrids, and low loan volume fees are dropping and turn times are no longer much longer than 2 to 6 days. IT DOE'S NOT MATTER what or how you feel about Lenders and AMCs that War is now over and finalized. Now it's time to decide if you can-deal with it or not deal with it. No Knight on A White Horse is coming to save you. The business model is never going back to the good old days.
 
glenn walker said:
The next crisis is in progress right now for the Residential Loan Production appraisers . The AMC and the
Lenders like Wells Fargo-Bank America-and others cleaned house in the last two weeks . Thousands of Processors Underwriters- Appraisers are now all gone. Thn you have the Big Mortgage Bankers like Quicken -Rocket and many others and the same thing almost all their orders go to Large AMCs . Now between enhanced waivers, desktops. hybrids, and low loan volume fees are dropping and turn times are no longer much longer than 2 to 6 days. IT DOE'S NOT MATTER what or how you feel about Lenders and AMCs that War is now over and finalized. Now it's time to decide if you can-deal with it or not deal with it. No Knight on A White Horse is coming to save you. The business model is never going back to the good old days.
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Yep totally agree. Was reading about the “lender gaming.” As if history teaches us nothing, people continue to make the same mistakes and expecting a different result. I mean, I just don’t know how much more stupid people can get and this administration is just tearing everything apart as quickly as they can!! Subprime mortgages are back again and oh yeah…the AMCs that skillfully convinced FHA and the GSEs to use their modernized ‘in house’ appraisal products!! Wow, and we get accused for systematic racism. I’ll just rely more on house flipping at some point.
 
As long as the govt continues to bail out the lenders we're going to continue to see the pendulum swing between profitability vs safe/sound. None of that is within our purview as appraisers. What IS within our scope of practice is doing what we're supposed to do even when our clients sometimes aren't. If/when they screw up we want it to be for reasons other than our own conduct or competency.
 
George Hatch said:
As long as the govt continues to bail out the lenders we're going to continue to see the pendulum swing between profitability vs safe/sound. None of that is within our purview as appraisers. What IS within our scope of practice is doing what we're supposed to do even when our clients sometimes aren't. If/when they screw up we want it to be for reasons other than our own conduct or competency.
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Don't forget Freddie Mac and Fannie Mae were also bailed out together with 191 billion from taxpayers They paid that back and made hundreds on billions on top of that.
 
Could never forget that.

TBH, I really don't understand why you think I'm opposed to your positions. I'm a fee appraiser just like most of the others. I've never worked for the GSEs or for an AMC nor have I ever been a member of any of the appraisal orgs. I am not now nor have I ever been a part of the establishment. My big sin seems to be that I'm unwilling to throw out my objectivity and understanding of how we got here simply because I'm not fond of it. I'm not willing to pimp the untruths about the situation that so often gets used to advocate for your legitimate interests.

The problems fee appraisers are having with getting their fees are the result of the decisions the LENDERS have been allowed to make. There's no abuse an AMC can possibly commit against a fee appraiser that isn't enabled and encouraged and even demanded by the lender they're working for. IMO it's the lenders that the fee appraisers should be blaming for their current situation, not the AMCs. As I explained above, all eliminating the AMCs from the loop (which I fully support, BTW) is deliver the appraisers out of the frying and and directly into the fire. And shorten the lender's leash that much tighter WRT accountability for the decisions they make with appraisers and appraisals.
 
Sandra Koutsopoulos said:
This PAREA thing is going to bite back HARD on lenders IMHO. I STILL learn new things all the time, and I've been doing real estate sales and appraisals since Mr Carter was Prez. Certified Residential Appraiser licensed with ALL 200 experience hours without a one-on-one well experienced appraiser mentor seems like giving the keys to the car to an 8-year-old. Sure, they may be able to reach the peddles, but do they have the common sense and experience to avoid killing somebody in a crash?

So do you all think that perhaps the LENDERS will have a higher level criteria to be on their "use" list? Seems like the last major shakeup encouraged the use of Certified-only appraisers. What kind of scorecard will they come up with for these PAREA licensees? Maybe it will take some bad experiences to tighten it up to better qualified and more experienced appraisers. We'll see when these PAREA appraised properties come marching back as REOs.
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A big misconception by appraisers is appraised values have any effects on defaults and foreclosures . Those days outside of fraud sailed 30 plus years ago.
 
PAREA is just one step closer to the corporatization of our field. Indie appraisers may have a chance in the future if GSE work is distributed through a VA style system, but as it is now (and likely to remain) large AMCs (many lender owned) control the flow. And soon enough with PAREA they will control the one part of the appraisal process they have had a hard time controlling. And if anyone thinks AMCs don't favor their staff, try to find an indie (in a dense market) who is still getting steady work from Amrock or any other large AMC with staff. The future is hear, it's just not evenly distributed.
 
Non Sequitur said:
PAREA is just one step closer to the corporatization of our field. Indie appraisers may have a chance in the future if GSE work is distributed through a VA style system, but as it is now (and likely to remain) large AMCs (many lender owned) control the flow. And soon enough with PAREA they will control the one part of the appraisal process they have had a hard time controlling. And if anyone thinks AMCs don't favor their staff, try to find an indie (in a dense market) who is still getting steady work from Amrock or any other large AMC with staff. The future is hear, it's just not evenly distributed.
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Never going to VA type System to slow and cumbersome. VA some years is only 5% to 9% of all loan volume and much of that concentrated in certain areas like DC-Virginia etc. Th business model is now well established and this ship sailed many years ago.
 
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