Todays Bombshell Executive Order Ends Traditional Appraisals.

[chad hampton]

I choose to believe the mouthpieces for the GSE. They say they love appraisers and will need them for a very long time.

Unless they are liars, we’ll be fine.

 

[OSU Beavers]

All purchase loans should require a Full interior appraisal due to the rampant Builder/Seller/Lender fraud.

"The price of this house is higher due to interior upgrades"

 

[Carnivores]

If this really expands no-appraisal loans, it could make things faster, but I’d still want some kind of valuation check - markets can get weird real quick.

 

[George Hatch]

You push that garbage book so much I have to wonder if you get a cut of the cash your friends at TAF extort from appraisers every 2 years?

Garbage or not, your license requires your compliance. Especially when you sign reports which certify that compliance. That makes the competency with the material a virtue, not a vice.

TBH, I don't know why you even bother to argue the content or the underlying reasons for the content with me. You clearly don't have what it takes to defend the myths you tell.

 

[Non Sequitur]

Let’s call Appraisal Modernization what it really is; Appraisal Elimination.

Waiver=No appraisal.
Waiver + PDC= No appraisal.
AVM=No appraisal.
AI driven valuations=No appraisal.

The EO is just finishing what TAF, the AQB, REVAA, the GSEs, and the insta-toot started.

Future residential appraisers will be clerks signing off on PDCs, AVMs, and various forms of automated artificial intelligence models for $20 an hour

 

[George Hatch]

A large percentage of appraisers are going to be displaced and rendered obsolete by the technology. Not all of them, but most of them. Including many/most of the CGs.

IRL there is no universe where the availability of the tech (once it became a functional alternative) + lender discretion would have played out any other way. It was literally only a matter of time.

 

[Non Sequitur]

It's all stuff that was happening already. Did something change from a week ago? No.

I agree, lowering qualifications and eliminating appraisals for all but oddballs has been on the table for a long time. But this executive order may fast forward what TAF, the AQB, REVAA, the GSEs and AMCs have been working for.

 

[keysersosa1]

As long as lenders pay $400+ per assignment....
Big deal....

it doesn't matter what they are paying if they are not ordering appraisals

 

[keysersosa1]

Theres not going to be as many assignments starting in the next few months as major lenders figure out when to use alternative valuations or no appraisal at all. That solves the 3.6 dilemma of less doing them and wanting more money.

This entire order is the biggest change I've seen in almost 40 years both on the mortgage Underwriting side and on the use of valuation and physical inspections. REMEMBER THIS JUST CAME OUT TODAY ALMOST NOBODY'S READ IT YET !

we are heading for another home value crisis -they never learn

 

[keysersosa1]

Aren't you going to blame Biden for the end of residential appraisal as we know it....

a disaster in the making-when it hits and everyone loses 50% of their home value trump will be gone and a responsible adult will be left to clean up his mess again