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"REVIEW Appraisals" are back-in favor during these Slow-Times > USPAP Violations > State Boards

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long ago you could, and i assume you still can do a FHA refi loan balance to a lower rate without an appraisal, just a settlement.
 
Mainly used, not only. I’m sure with the downturn the waiver program is being significantly scaled back. That’s good
 
J Grant said:
? What are you basing that on?
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Why would they use risky waivers now that appraisal turn times are 2-3 days? Especially in this economic climate? Hell, maybe they are expanding them? With a so-called leader ship we have at the top, that wouldn’t surprise me.
 
chad hampton said:
Why would they use risky waivers now that appraisal turn times are 2-3 days? Especially in this economic climate? Hell, maybe they are expanding them? With a so-called leader ship we have at the top, that wouldn’t surprise me.
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Because it was never all about the turn time ( though they use it as an excuse)
I hope their use is not expanding - in a more risk adverse time such as in a market decline they might even decide to pause them - but that is speculation on my part and nothing more
 
J Grant said:
Because it was never all about the turn time ( though they use it as an excuse)
I hope their use is not expanding - in a more risk adverse time such as in a market decline they might even decide to pause them - but that is speculation on my part and nothing more
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Just like the lenders who are more than happy to make any loan if someone else gets the risk, governement/GSE employees have no skin in the game. If volume increases and costs decrease, bonuses go up. Ever hear of anyone getting fired by a GSE or government position when the taxpayers get slammed with all the risk of bad decisions? If I recall, Franklin Raines, head of FNMA leading up to the last debacle pocketed millions of dollars. Same is going on now, but in larger volumes and more direct risk to taxpayers.
 

Wells Fargo Fires Loan Officers Accused Of Abusing Appraisal Waivers​


only if bankman was a loan officer :rof:
:rof: :rof:
 
chad hampton said:
Why would they use risky waivers now that appraisal turn times are 2-3 days? Especially in this economic climate? Hell, maybe they are expanding them? With a so-called leader ship we have at the top, that wouldn’t surprise me.
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I do think waivers have declined this year, but not as a result of reducing the ratio of waivers to appraisals - simply due to the reduction in loan volume. The ratio of waivers to appraisals would probably scare folks...
 
alebrewer said:
I do think waivers have declined this year, but not as a result of reducing the ratio of waivers to appraisals - simply due to the reduction in loan volume. The ratio of waivers to appraisals would probably scare folks...
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It is not just the loan volume, it is the types of loans being made. The majority of waivers granted during the boom was for the no cash out refi, and that segment of loans has decreased significantly.
At one point we had a ~70% refi market, and now we have a ~75% purchase market.
 
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