Property data collector

[alebrewer]

These "technology users" seeking to vertically integrate the entire mortgage process and place it under their complete control with internal valuations, internal auditors, and captive rating agencies are consolidating entirely too much power over the nations economy. That doesn't constitute an entitlement "taker/maker" issue. It's an economic safety and soundness issue, and we are being led down the wrong path by people who know exactly what they're doing.

I don't disagree with this in general, but: (1) unfortunately your opinion regarding safe lending practices is not the one (or ones) that matter, and (2) I think a lot of times appraisers use this excuse as a thinly veiled disguise to hide their real issue - which is that our industry is going away.

 

[Mike Ault]

I don't disagree with this in general, but: (1) unfortunately your opinion regarding safe lending practices is not the one (or ones) that matter, and (2) I think a lot of times appraisers use this excuse as a thinly veiled disguise to hide their real issue - which is that our industry is going away.

At least you started out well.

 

[George Hatch]

That's an essential part of vertical integration. I wonder how many politicians the financial sector actually has in their back pockets? And why we keep hearing repeated calls for "deregulation" from many of them. Hildabeast was the darling of Wall Street, and Biden was known as "Senator credit card". I'm not sure who owned Obama, I'm sure you can shed some light on that one. Of course we all know who owns 47.

After a certain point safe/sound becomes more profitable than reckless aggression. I have clients who read the report and operate with considerable discretion because they are holding the paper. They don't run up the big losses, even when the market's get hit.

Just yesterday I had a client complain about having to take back a property worth $500k because the $250k mortgage wasn't being paid. An extremely rare outcome for them. They're not going to lose money in that outcome because they weren't overly aggressive with their LTV to begin with.

IMO the recent move at the GSE waivers was motivated by SJW politics in an election year. Not by greed.

 

[alebrewer]

At least you started out well.

I finished well also - as is usually the case.

 

[Trihard]

The fact that there are appraisers out there that trust these data collectors data, is completely insane.

 

[J Grant]

I don't know why you keep asking the question because the answer to that question is completely irrelevant to how these trends will progress. It doesn't matter if those workers ever replace their employment or what compromises to their lifestyles it will take for them to retask. Water seeks its own level, investment capital seeks its optimum ROI and the principle of substitution always applies.

It is not the role of these technology users to be responsible for how many workers they put out of work. They are not morally obliged to step back in order to protect the employment prospects of these workers. When Elon laid off 75% of his workers their well-being was not his responsibility. Nobody owes them anything.

We are morally obligated if we choose to be.

Am I my brother's keeper? That is a human question, not just a blood-family question
These issues go beyond economics because profound economic change is a social disrupter, and decisions about how to manage it can vary according to what we value.

 

[alebrewer]

Have you seen a PDR yet, Tri? If so - and you still hold that opinion - fair enough. If not, you might be surprised...

 

[Mike Ault]

IMO the recent move at the GSE waivers was motivated by SJW politics in an election year. Not by greed.

IMO the recent hybridization of the appraisal function was motivated by the desire for complete control over outside actors and facilitated with insider deals, with "greed" being the common denominator. I don't see how that could be sloughed off on SJW politics.

 

[J Grant]

What does SJW stand for?

 

[alebrewer]

IMO the recent hybridization of the appraisal function was motivated by the desire for complete control over outside actors and facilitated with insider deals, with "greed" being the common denominator. I don't see how that could be sloughed off on SJW politics.

I'm thinking GH was talking about the Q1 2025 increase in waiver opportunities - I think most anyone could easily see that is a backpedal, as they figured out offering the waivers to only the good credit folks was creating a disparate impact situation.