The Appraisal Subcommittee Busted

[CGinMN]

If the going rate for solo residential appraiser focusing on GSE work is about $50-$75/hour, I don’t know that any of these changes really affect that. If there are more waivers, that just leads to more attrition, and the hourly earnings will find an equilibrium. If the expertise required to complete an appraisal on the new forms increases, because the lenders start enforcing showing your work, then maybe wages increase too as those who can’t hack it will be forced out. I just think ultimately enforcing things like supporting adjustments gets in the way of selling MBS.

 

[djd09]

The guy from restbai was a real piece of work too.

I only made it into a few of the presentations. I was told I needed to pay another $500 to hear these "value visionaries" and other various jackasses talk. So I snuck in when I could.

how many showers did you take after leaving that cesspool...does that stink even wash off...did you video any of their lunacy

 

[chad hampton]

If the going rate for solo residential appraiser focusing on GSE work is about $50-$75/hour, I don’t know that any of these changes really affect that. If there are more waivers, that just leads to more attrition, and the hourly earnings will find an equilibrium. If the expertise required to complete an appraisal on the new forms increases, because the lenders start enforcing showing your work, then maybe wages increase too as those who can’t hack it will be forced out. I just think ultimately enforcing things like supporting adjustments gets in the way of selling MBS.

For the first 15-20 years of doing this, I never considered an hourly rate. This is a recent phenomenon that has come into play with the usual bad actors talking about how the fake appraiser data collectors would be - now you can sit in an office all day making no money then make $50 for your 30 min or work. Maybe you can go work at publix for the other 7.5 hours of the day? Hourly rate implies you are getting 8-10 hours worth of work for that rate in a day.

The pay isn't too good if the report you used to get $500 for is now being offered at $50. Sure you only worked 30 min, but you sat on your *** the other 7.5 hours.

The fee should be for the report. If they want all the unlicensed, untrained, un educated people in the world performing appraisal services (and the states don't care either), then fine. The fee for the opinion of value remains the same. That's how professionals operate.

I knew these clowns were lying from day 1.

 

[chad hampton]

how many showers did you take after leaving that cesspool...does that stink even wash off...did you video any of their lunacy

Not sure what was nastier, some of the people speaking at that convention or the *****s wandering around the casino at one in the morning. I actually left early and sat in the airport for 8 hours waiting to get home. Couldn’t get out of there fast enough. Vegas is nothing but filth. I can’t believe adults take their kids there.

 

[Terrel L. Shields]

As with the UAD, it depends upon compliance by appraisers and reviewers, and controlling appraiser behavior is something that has not been easy and has come with unintended consequences.

But is that due to appraisers being stubborn and unyielding to technology? Techniques? Or, is it because appraising is ultimately a heuristic endeavor and not formulaic in nature? FNMA seems to believe that if you just input enough data points, the answer is a given, computer generated and reproduceable number. One frightening issue with the current rage against the supposed "machine" of racist appraisers is that every appraiser does not produce the identical number for the identical set of facts, nor even produce the identical number for an identical house located elsewhere.

Isn't that why appraisers exist? To express an OPINION? Do you honestly think that an AI program will not face the same judgement calls as appraisers? And so, does the AI program 'teach' itself to make the same mistake from one assignment to another? I would aver that is likely. Once the Artificial Appraiser Intelligentsia program makes a decision, how can it change its mind or learn from a mistake that it does not perceive as a real mistake?

 

[Terrel L. Shields]

Vegas is nothing but filth.

When you sit in the lounge before going to your hotel room and you see these girls in tight skirts taking selfies or pix of each other and being naive about such things, your savvier travel partner says, "They are on Craigslist or something and texting their Johns so they can come pick them up at the lounge." Sure enough, a guy shows up in 10 minutes or so, and the two go off to a room. I guess the volume of 'clients' wasn't hurt by a Mercedes-Benz dealers convention going on in the Hotel.

 

[chad hampton]

I don’t think appraisers are hesitant to change because they’re afraid of change, which appears to be the allegation that is always thrown out there. I’m opposed to this change because it appears to be change just for the sake of change. And not terribly well thought out. I don’t see how these are better products I don’t see how they’re giving more accurate information, and I don’t see how they will ultimately lead to more reliable values. In fact it seems to be opposite.

The only thing I see are big corporations, wanting to come in and take over. I’ve said the same thing for 15 years, it drives these companies crazy to bring in $650 on every file and have to pay out 450. They’re never gonna be content with that - Another reason why appraiser should always be paid at the door. Big corporations aren’t giving 70% of the money away. They controlled the investor class, and they’re playing for keeps.

Like a previous poster, said, we were told by one of the biggest offenders out there that this was all conspiracy and black helicopter stuff.

 

[Terrel L. Shields]

The only thing I see are big corporations, wanting to come in and take over.

Exactly. Appraisals will become expensive, required, and totally worthless. Title insurance- similar fate. From the old title opinion where the lawyer reviewed the entire history of the abstract back to the original patents on the land, well now 30 years history and assume anything older has already been fixed. But tons of property no longer show that the mineral rights were sold, or timber rights were sold 40 years ago and has a 50 year right. And I've run into oddball easements no longer shown on the title - like the right to flood an adjacent property for a grist mill. And another was a right to hunt on the property by the seller's family for 100 years. Minerals are a nightmare when coal was mined on the surface, and then gas discovered 40 years later. And if Uncle Sugar is involved, they often kept 50% of mineral rights and in the early 50s kept 100% of rights to uranium ore, even in areas where no such ore has ever been found.

 

[Non Sequitur]

An MAI standing up for Cindy?

Ron Oxtal, MAI on LinkedIn: A.I. CEO Cindy Chance needs our support

HELP...AGAIN! Appraisal Institute Members, your leadership is at it again. They are making back room decisions without any transparency to, or input from…

www.linkedin.com

 

[Mejappz]

An MAI standing up for Cindy?

Ron Oxtal, MAI on LinkedIn: A.I. CEO Cindy Chance needs our support

HELP...AGAIN! Appraisal Institute Members, your leadership is at it again. They are making back room decisions without any transparency to, or input from…

www.linkedin.com

Well, It’s no surprise that the Friends of Jim Amorin (FOJ) are causing trouble once more. The AI, TAF, and ASC deserve to die a slow painful death, and deep down they know it but, almost like demons, they refuse to be easily dispelled. As the Gospels say, "This kind can only come out by fasting and prayer."