Regulator wins TAF CEO position

[Carnivore]

I found this about AVM's and I found it laughable. Who are the AVM police?

Federal Register :: Request Access

www.federalregister.gov

 

[djd09]

yeah well try coming in lower 25% of the time on the unethical stakeholders deals...let me know how it works out.

 

[George Hatch]

I've had a number of one-time-only clients who took their business elsewhere when I came in low. That's how direct engagement clients operate to coerce appraisers for the predetermined outcomes. That hasn't ever changed. D-F doesn't touch that expression of lender pressure; it just gets to the version that the MBs use.

I have already had the experience of what happens when I came in low on an assignment that was controlled by the MBs. Back in the day we came to the conclusion that the average economic lifespan for an appraiser-client relation involving an MB was about 9 months or $1500 in unpayable invoices (due to the deal not closing), which ever came first. That was usually explained as "I've lost access to that lender because of your appraisal". Which of course was a lie. Being told by a deadbeat.

And it was the same at every fee shop I ever worked at, not just one. I was usually taking work from 2 shops at any given time as a means of stabilizing my income.

Back then they were all doing comp checks and contingent engagements and paid-out-of-escrow because those were the prevailing terms on that side of the business. So yeah, I know all about the MB rat race and about fee shops employing experienced appraisers working for split fees.

As they say, you never forget how to ride a bike. Or fill out a 1004.

 

[Surf Cat]

What borrower have you ever met who has the competency to measure any aspect of the appraiser's qualifications OR the specifics of the appraisal policies of the lender who is actually making the loan decision?

What borrower has the competency to measure the qualifications of a contractor remodeling their kitchen? The borrower is going to have to trust that the contractor knows the local codes and pulls the proper permits and can perform the remodel competently.

At least they have a choice with a contractor. With an appraisal, it's a crap shoot for the borrower. Yes, the lender pays their AMC agent to follow their policies. But then they turn a blind eye...

So is an appraiser from 10, 20, 60 miles away from the subject property, whom accepted the lowest fee from an AMC promoting professionalism and ensuring public trust in the valuation profession?

You would think that the lenders would have more of a hand in the appraisal process. That they would see the effects of the agents the utilize to handle the appraisal process. After all, we are supposed to help gauge the risk of making a sound lending decision.

Look George, I hold you in high regard. I believe some of the criticism you've received in this thread for pointing out the obvious and the way it is, hasn't been fair. Conversely, some of these Shenanigans at TAF don't really put them in a good light either.

It certainly is a challenging, aggravating time to say the least for the residential appraiser.

 

[djd09]

What borrower has the competency to measure the qualifications of a contractor remodeling their kitchen? The borrower is going to have to trust that the contractor knows the local codes and pulls the proper permits and can perform the remodel competently.

At least they have a choice with a contractor. With an appraisal, it's a crap shoot for the borrower. Yes, the lender pays their AMC agent to follow their policies. But then they turn a blind eye...

So is an appraiser from 10, 20, 60 miles away from the subject property, whom accepted the lowest fee from an AMC promoting professionalism and ensuring public trust in the valuation profession?

You would think that the lenders would have more of a hand in the appraisal process. That they would see the effects of the agents the utilize to handle the appraisal process. After all, we are supposed to help gauge the risk of making a sound lending decision.

Look George, I hold you in high regard. I believe some of the criticism you've received in this thread for pointing out the obvious and the way it is, hasn't been fair. Conversely, some of these Shenanigans at TAF don't really put them in a good light either.

It certainly is a challenging, aggravating time to say the least for the residential appraiser.

no worries...it is better now...the scum bag mortgage broker estimates value via waivers...ask DW

 

[Surf Cat]

no worries...it is better now...the scum bag mortgage broker estimates value via waivers...ask DW

Mortgage brokers are doing estimates for waivers? I thought it was a desktop underwriter using collateral underwriter....

 

[Dublin ohio]

Mortgage brokers are doing estimates for waivers? I thought it was a desktop underwriter using collateral underwriter....

Yes they are. But it has to be confirmed by gse's avm. That's how they caught some mbs & los trying to game the system.

 

[Surf Cat]

Yes they are. But it has to be confirmed by gse's avm. That's how they caught some mbs & los trying to game the system.

Wow....from blasting out comp checks to estimates of value for waivers in a few short years....of one's most valuable asset.

I wonder how they do that.....with Zillow? Their realtor buddy with a CMA?

I'd like a link to that...

 

[Dublin ohio]

I wonder how they do that.....with Zillow? Their realtor buddy with a CMA?

Who cares. If it don't float. It don't float. I don't like waivers from a business standpoint. But I understand the reasoning behind them.

 

[djd09]

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the client has become the competition...eh, Frank?